How the Loan Process Works
There is quite a lot involved in order to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. But Sherrie Liebert does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? Given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment amount using the calculators on our website. We can guide you to the right loan amount and best program for you when you answer a few questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This step is where Sherrie Liebert will begin saving you money. You will give us details on your employment, your assets, and residence history. You will provide your employment, asset, and residence history information. We will pull your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.
Step three: apply for your loan
Once you have signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the sellers will work together to find a 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 available, and you'll probably}likely sign everything at this company's office. We do all the work to coordinate with the title company on your date to close. Since you don't have to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.