The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be no question that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a simple loan app and receive an excellent loan check cut in one 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 milestones.
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. 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: pre-qualify for your loan
This is where SkyWest Mortgage will begin saving you money. You will give us details about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we have gone over this info we will provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for your situation.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you will not need to coordinate this process, you can think about the move, painting, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are moving in! SkyWest Mortgage is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call SkyWest Mortgage at (916) 399-5500. We answer questions about the loan process every day.