An Overview of the Loan Process
In the market for a new mortgage? We'll be glad to answer your questions about your mortgage needs! Call us at (512) 422-9036. Ready to get started? Apply Online Now
There can be no doubt; getting a mortgage can be a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. But Ann Jones does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
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? What is the maximum you can borrow from a lender, given your income and credit history? 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 Ann Jones can begin saving you money. You will supply information about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll give you a pre-qualification letter. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are finding the loan that best fits your needs. (SEE THE DIFFERENCE IN A PREQUAL LETTER AND A PREAPPROVAL LETTER.)
Step three: apply now! We make it easy.
In another time and another market, you negotiated a contact an THEN you applied for a loan. Times have changed and now it's prudent to apply in advance for a full PREAPPROVAL. That will put you in the best negotiating position since the seller Once you have made the offer and the sellers have accepted, Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you will not need to worry with this coordination, you get to think about the move, painting, new carpet, and the details involved in getting a new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Ann Jones at (512) 422-9036. We answer questions about the loan process every day.