The Loan Mortgage Process: Four Steps
There's no question that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. 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.
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 amount using the calculators on our website. 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 the rubber meets the road and you save the most money. You will provide information about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your Realtor® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a 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. We'll coordinate with this company to ensure all the papers your lender will need are available, and you'll probably sign all these papers at their office. We will work with this company to set your closing date. Since you won't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and all the details of getting a new home.
Once you've answered some few questions, provided lots of information, and applied, you'll be moving in before you know it! Cypress Mortgage is a mortgage specialist; you're not — so let the experts do the work. Doesn't that sound nice?