About the Mortgage Loan Process
Looking for mortgage advice? We will be glad to assist you! Call us at (714) 935-0775. Ready to begin? Apply Online Now
There's quite a lot to do in order to get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out 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 main 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. We'll also 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.
Step two: complete a pre-qualification
This is where the process really begins and you save the most money. You will supply information on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualification letter. Your REALTOR® should use the 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 shopping for your new home, we are finding the best loan for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are available, and you'll probably}likely sign all these papers at their officeWe work with with this company on your date of closing. Because you will not have to worry about these details, you get to concentrate on moving, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you are deciding when to move in! Action Lending is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Action Lending at (714) 935-0775. We answer questions about the loan process every day.