The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

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There can be little question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in one day with a simple application. But Sunrise Mortgage Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: determine how much you can borrow

This is a function of a couple things. 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? 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. 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: pre-qualify for your loan

This is where the rubber meets the road and Sunrise Mortgage Group can really save you 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 will get your credit report and score (only after you give your permission, of course). After we have gone over all this information we give you a pre-qualification letter. 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 deciding on the home that's right for you, we are researching the best loan for you.

Step three: apply for your loan

After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are available, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Since you don't need to worry about these details, you get to concentrate on the move, paint colors, new carpet, and all the details of getting your new house.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Sunrise Mortgage Group at -. It's our job to answer lending questions, so we're happy to help!