The Mortgage Loan Process: an Overview
Shopping for a mortgage loan? We can assist you! Give us a call today at (504) 888-3858. Ready to begin? Apply Online Now
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. But Essential Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple 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: complete a pre-qualification
This is where Essential Mortgage can begin saving you money. You will supply details about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we have gone over all this info we will provide a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will require are available, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you won't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Essential Mortgage at (504) 888-3858. It's our job to answer lending questions, so we're happy to help!