The Four Steps of the Loan Process
No doubt, a lot to do in order to get a mortgage. You wouldn't be here on our website if you could fill out a simple loan application and receive a great loan funded the same 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.
Step One: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 process really begins and you save the most money. You will supply information on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualification letter. 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.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step Four: Your loan is funded
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 the papers your lender requires are in order, and you'll probably sign all these papers at their office. We will coordinate with this company to set your closing date. Since you won't have to coordinate this process, you get to concentrate on moving logistics, painting, carpet, and all the details of getting a new house.
Once you've answered a few questions, given us lots of information, and applied, you'll be ready to move sooner than you think! Northwest Funding Group, Inc. is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it?