How the Loan Process Works
In the market for a new mortgage? We'll be glad to discuss our many mortgage solutions! Call us at (314) 395-8300. Ready to get started? Apply Online Now
There's a lot involved when you get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in a single day with a simple application. But Mason Mortgage Advisors does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? You can get a good idea of your preferred payment amount using the calculators on our website. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details about your employment, assets, and your 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. After we've finished reviewing this information, we'll provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy researching the loan that's just right for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you will not need to coordinate this process, you can concentrate on moving, painting, new carpet, and the fun parts of getting your new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! Mason Mortgage Advisors is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Mason Mortgage Advisors at (314) 395-8300. It's our job to answer lending questions, so we're happy to help!