The Four Steps of the Loan Process
Make no mistake, there's quite a lot involved in order to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. But Lonny Andrews does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Determine how much you can borrow
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. And we can guide you to the right loan amount and best program for you when you answer a few 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: Complete a pre-qualification
This is where Lonny Andrews will begin to save you money. You will give us information about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We'll go over this info then provide a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are researching the best loan program for you.
Step Three: Apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. Finally, we'll order an 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 available, and you will probably sign everything at this company's office. We will work with this company to set your date to close. Since you don't have to worry with this coordination, you get to concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new home.
Once you've answered some few questions, given us detailed information, and applied online, you'll be moving in before you know it! We take care of the loan details so you can spend your time finding your new home.