How the Mortgage Loan Process Works
There's little question ; getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a one-page mortgage application and get an excellent loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a mortgage loan.
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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This step is where Signature Mortgage of Indiana will begin saving you money. You will provide information on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton 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 the home that's right for you, we are looking for the best loan for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date to close. Since you will not have to worry with this coordination, you can think about moving, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Signature Mortgage of Indiana at 812-945-4400. We answer questions about the loan process every day.