An Overview of the Mortgage Loan Process
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Looking for a loan? We will be glad to assist you! Call us at 800-374-0046. Ready to get started? Apply Here. | ||
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No doubt, quite a lot to do in order to get a mortgage loan. You wouldn't be visiting our website if you could complete a simple mortgage application and get the best loan funded the same day. But Myriad Services Home Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple 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: complete a pre-qualification
This step is where Myriad Services Home Loans, Inc. will start to save you money. You will provide info on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll give you a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan program that's right for your unique situation.
Step three: apply for your loan
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender requires are available, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Since you won't need to coordinate this process, you can concentrate on the move, paint colors, new carpet, and the details involved in moving into your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
