An Overview of the Loan Process
There is no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in one day with a simple application. But Cornerstone Home Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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 process really begins and Cornerstone Home Mortgage can really save you money. You will give us info on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). When we review this info we give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new home with your REALTOR™, we find the best program for you.
After you've signed the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Because you won't need to worry about these details, you can concentrate on the move, paint colors, carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and before you know it, 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 Cornerstone Home Mortgage at 360-570-0106. It's our job to answer lending questions, so we're happy to help!