An overview of the loan process with a Certified Loan officer working through My 123 Mortgage.com
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be on our website if you could fill out a one-page application and get the best loan for you funded the same day. My123Mortgage.com Professionals are trained to do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Do you have money to put down on the purchase of your new home? Do you need 100% financing with no money down? We'll 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. Home loans are also about being creative. Each person is unique--we understand, and work hard to meet your goals and expectations while also fitting your unique situation into the lenders' guidelines. Get your free consultation.
Step two: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. For a purchase, we review this information and give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realtor will use your Pre-Qual to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.
For refinances, we examine the information you supply to offer the best refinance options for reducing your monthly payment and lowering your interest rate. We will also give you a free debt analysis and see if a debt consolidation is right for you. Your credit cards, after all, are always higher rates than mortgages and they are NOT tax-deductable.
Step three: apply now! my123 makes it easy
For purchases, once you've made an offer and it's been accepted, it's time to complete the loan application with My 123 Mortgage.com if you haven't already.
For refinances, we've come to a good solution to meet your goals and expectations, and we'll just need a bit more information to complete the application process. It couldn't be easier; you can do it online, right here at our secure website or simply give us a call. When the time is right, we'll order an appraisal.
Step four: your loan funds
Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?
An overview of the loan process with a Certified Loan officer working through My 123 Mortgage.com