The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be little question that getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and receive the best loan check cut the same day. But SkyWest Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 rubber meets the road and SkyWest Mortgage can really save you money. You will supply information about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. 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
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date to close. Since you will not need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the details involved in getting a new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! We do the legwork so you can focus on finding your new home.
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!