The Mortgage Loan Process: an Overview
There's a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. But BancZone does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where BancZone can begin to save you money. You will provide information on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we have gone over this information we will give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® should use your 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 picking out your new home, we're busy finding the loan that's just right for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you won't need to worry about these details, you can think about moving, painting, new carpet, and all the details of getting your new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call BancZone at 407-583-6250. BancZone answers loan process questions every day.