The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There's quite a lot involved in order to get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in one day with a simple application. But Residential Mortgage Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan. Mortgage loans are different then business funders or business loan companies. Typically a business funder will base your loan on the amount of cash flow. Where as the mortgage banker will fund based on the house value and your income. Examples of well known business funders include: Entrust Business Funding, Green, Get Business Advance
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This step is where Residential Mortgage Services will begin saving you money. You will provide info on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualification letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding

Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Since you won't have to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the legwork so you can focus on finding the new home that's right for you.