The Loan Process: an Overview

No doubt, quite a lot to do when you get a mortgage. You wouldn't be visiting our site if you could complete a one-page loan app and get an excellent loan funded 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 getting a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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 abount 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 quewstions. 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 the rubber meets the road and you save the most money. You will give us info on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. When we review all this information we will provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date to close. Because you won't have to worry about these details, you can think about the move, if you're going to repaint, new carpet, and all the details of getting a new house.

You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! SelectPlus Lending is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call SelectPlus Lending at 805-636-9222. It's our job to answer lending questions, so we're happy to help!