The Loan Process: an Overview

Looking for mortgage advice? We can assist you! Call us at 205-941-1484. Want to get started? Apply Now.

There's little question ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to fill out a simple application and get an excellent loan check cut in one day. But Homewood Mortgage, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage loan involves four major milestones.

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. 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 is where the rubber meets the road and you save the most money. You will supply information on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualification letter. Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan that's just right for your situation.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the 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 the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date to close. Because you will not need to worry with this coordination, you can think about the move, paint colors, new carpet, and all the details of getting a new house.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! Homewood Mortgage, Inc. 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 Homewood Mortgage, Inc. at 205-941-1484. Homewood Mortgage, Inc. answers loan process questions every day.

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