How the Loan Process Works
No doubt, a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could complete a one-page loan application and receive a great loan check cut the same day. 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.
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? 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. 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: pre-qualify for your loan
This is where the process really begins and SkyWest Mortgage can really save you money. You will provide info about your current job, assets, and 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). We'll review this information then provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you will not need to worry about these details, you get to think about the move, paint colors, carpet, and all the details of moving into your new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! We take care of the loan details 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. It's our job to answer lending questions, so we're happy to help!