About the Loan Process
|In the market for a mortgage loan? We will be glad to help! Give us a call today at (651) 209-2900. Ready to get started? Apply Here.|
There is little question ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Lake Area Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment amount 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 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 rubber meets the road and you save the most money. You will supply info on your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review all this info we provide a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply for your loan
Once you have signed the offer and the sellers accept it, you should apply for the loan. 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 will order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date to close. Because you don't need to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the details involved in moving into your new home.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! Lake Area Mortgage is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??