How the Loan Process Works
Looking for a mortgage loan? We'd be thrilled to talk about our mortgage offerings! Give us a call today at (970) 300-2115. Ready to begin?
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No doubt, a lot is involved when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan app and receive a great loan and check cut 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.
There are four primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 provide information on your employment, your assets, and your residence history. We run your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website or via phone or in person. We can also send all of the documents via email and you can even sign documents using our e-signature product, too. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably sign all these papers at this company's office. We work with with this company to set your date to close. Because you will not have to worry about this coordination, you can concentrate on the move, painting, new carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Hamlet Financial Corporation at (970) 300-2115. We answer questions about the loan process every day.