How the Mortgage Loan Process Works
Looking for a loan? We'll be glad to discuss our many mortgage solutions! Give us a call at 1-844-MBROKER (1-844-627-6537). Ready to get started? Apply Now
There's no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get a great loan check cut in one day. But Mortgage Direct Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining 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? 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. 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: pre-approved for your loan
This step is where Mortgage Direct Inc. can start to save you money. You will give us info on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide 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 shopping for your 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 the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the sellers will work together to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably sign everything at their office. We will coordinate with this company to set your date to close. Because you will not have to worry with this coordination, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into your new home.
After you have answered a few questions, provided lots of information, and applied, you'll be moving in before you know it! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Mortgage Direct Inc. at 1-844-MBROKER (1-844-627-6537). Mortgage Direct Inc. answers loan process questions every day.