The Loan Process: An Overview
Make no mistake, there's a lot involved in order to get a mortgage loan. You wouldn't be here on our website if it were possible to complete a simple loan application and get the best loan check cut the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
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. 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 you save the most money. You will supply info on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualification letter. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step Four: Your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll likely sign all these papers at their office. We will work with this company on your closing date. Since you don't need to worry about these details, you get to think about moving logistics, paint colors, new carpet, and all the details of moving into a new home.
Once you've answered a few questions, given us detailed information, and applied online, you'll be moving in before you know it! WS Financial is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it?