The Loan Process: An Overview
Make no mistake, there's quite a lot involved in order to get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. 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.
Step One: Decide how much you can afford
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? 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 questions. 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 rubber meets the road and you save the most money. You will provide info on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll go over all this information and give you 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 shopping for your new house with your agent, we find the best program for you.
Step Three: Apply now! We make it easy
Once you have signed an 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 website. When the time is right, we'll order the appraisal of your new home.
Step Four: Funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably sign all these papers at this company's office. We will coordinate with this company on your closing date. Because you will not have to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and the details involved in moving into your new house.
After you have answered some few questions, provided lots of information, and applied online, you'll be moving in before you know it! Hayes Home Loans is in the business of mortgage loans; you're not — so let the experts do the work. Doesn't that sound nice?