How the Mortgage Loan Process Works
Looking for a mortgage loan? We will be glad to help! Give us a call at (504) 832-3131. Ready to get started?
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There's no question that getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could complete a one-page mortgage application and receive a great 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 Southwest Funding will begin saving you money. You will supply information on your current job, assets, and 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 the provided information, we'll give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender needs are available, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you won't need to worry about these details, you can think about moving, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! Southwest Funding is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Southwest Funding at (504) 832-3131. It's our job to answer lending questions, so we're happy to help!