The Loan Mortgage Process: Four Steps
There is little question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Empower Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Decide how much you can afford
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 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: Complete a pre-qualification
This is where the process really begins and you save the most money. You will supply info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). When we review this information we will provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! 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 looking for your new home with your agent, we find the best program for you.
Step Three: Apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step Four: Your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are available, and you will likely sign everything at their office. We will coordinate with the title company to set your date of closing. Since you will not have to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and the details involved in moving into a new home.
After you have answered a few questions, given us lots of information, and applied, you'll be moving in before you know it! We take care of all the loan details so you can spend your time finding your new home.