The Loan Process: An Overview
There is no question ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a simple mortgage application and get the best loan funded the same day. But The Mortgage Advantage, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 is where the process really begins and The Mortgage Advantage, Inc. can really save you money. You will supply info on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). When we review all this info we provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! 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 looking for a new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step Four: Your loan is funded
Your Realtor® and the sellers will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are available, and you'll probably sign all these papers at this company's office. We will work with this company to set your closing date. Because you will not need to worry with this coordination, you get to think about the move, paint colors, new carpet, and all the details of getting your new home.
After you have answered a few questions, given us lots of information, and applied, you'll be ready to move sooner than you think! The Mortgage Advantage, Inc. is in the business of mortgage loans; you're not — so let the experts do the work. Makes sense, doesn't it?