An Overview of the Loan Process

Make no mistake, there's a lot involved in order to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with 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.

There are four primary steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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? 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 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-qualify for your loan

This is where the process really begins and you save the most money. You will give us info on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over this info we give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply for your loan

Once you've made an offer and it's been accepted, it's time to apply for the loan. 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: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will require are available, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date of closing. Because you will not have to worry about these details, you can think about the move, paint colors, new carpet, and all the details of getting a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! Lopez Financial Inc is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??