How the Mortgage Loan Process Works
|Searching for mortgage advice? We'll be glad to discuss your mortgage needs! Call us at 312-829-1010. Ready to get started? Apply Now.|
There's no question that getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a one-page loan application and receive a great loan check cut in one 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.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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 amount 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 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: complete a pre-qualification
This is where Cypress Mortgage can start saving you money. You will provide info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll go over this information and provide a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.
Step three: apply for your loan
Once you have made the offer and the sellers have accepted, it's time to 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. Finally, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender will need are available, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your date of closing. Because you will not need to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Cypress Mortgage is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??