How the Loan Process Works
There's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our website if you could fill out a simple loan app and receive an excellent loan funded in one day. We do most of 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 important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 rubber meets the road and you save the most money. You will give us info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Since you don't need to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call SkyWest Mortgage at (916) 399-5500. We answer questions about the loan process every day.