The Four Steps of the Loan Process:The Loan Process: Four Steps
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There's little question that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. But Abbey Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 step is where Abbey Mortgage can begin to save you money. You will give us details about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! 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 your new home with your REALTOR™, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender needs are available, and you'll probably}likely sign everything at their officeWe work with with this company on your date of closing. Since you won't need to coordinate this process, you can think about moving logistics, paint colors, new carpet, and the details involved in moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! Abbey Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Abbey Mortgage at 352-369-4200. Abbey Mortgage answers loan process questions every day.