An Overview of the Loan Process
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Shopping for a mortgage loan? We'll be glad to talk about your mortgage needs! Call us at (859) 240-1231. Ready to get started? Apply Online Now.
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There can be no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. But Innovative Home Loans, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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. And we can guide you to the right loan amount and best program for you when you answer a few 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this information we give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! 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 your new home with your REALTOR™, 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 your loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will require are available, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Since you will not need to coordinate this process, you get to think about moving logistics, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you are moving in! Innovative Home Loans, LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Innovative Home Loans, LLC at (859) 240-1231. We answer questions about the loan process every day.