The Four Steps of the Loan Process
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Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be visiting our website if it were possible to complete a one-page loan app and get an excellent 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.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple 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 Liberty Mortgage can start to save you money. You will give us information on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we have reviewed this info we will provide 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. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you have signed 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 from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the sellers will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are available, and you'll likely sign everything at their office. We will work with this company to set your date of closing. Since you will not need to coordinate this process, you get to think about the move, paint colors, new carpet, and all the details of getting a new house.
Once you've answered some few questions, given us detailed information, and applied, you're ready to move 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 Liberty Mortgage at 281-542-7392. We answer questions about the loan process every day.