The Mortgage Loan Process: an Overview
There is little question ; getting a mortgage is a complicated process. You wouldn't be here on our website if you could complete a one-page application and receive an excellent loan check cut the same day. But North Star Mortgage Realty does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where North Star Mortgage Realty can begin to save you money. You will give us details about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! 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 your new home, we're busy finding the loan that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date of closing. Because you don't need to coordinate this process, you get to think about the move, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call North Star Mortgage Realty at 408-402-5936. North Star Mortgage Realty answers loan process questions every day.