The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There's a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. 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.

Getting a loan involves four major steps.

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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Saltwater Funding, Inc. can begin saving you money. You will supply details on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan that's just right for you.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you will not have to worry with this coordination, you get to concentrate on moving, painting, carpet, and the fun parts of getting your new house.

You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Saltwater Funding, Inc. at 386-246-6322. It's our job to answer lending questions, so we're happy to help!

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