The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

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There can be little question that getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But Waterside Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: Decide how much you can afford

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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Waterside Mortgage will start saving you money. You will provide details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Because you don't need to worry with this coordination, you get to concentrate on moving, painting, new carpet, and all the details of getting your new home.

You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Waterside Mortgage at 770.476.5549. Waterside Mortgage answers loan process questions every day.