How The Mortgage Loan Process Works
No doubt, quite a lot to do when you get a mortgage loan. You wouldn’t be visiting our website if it were possible to fill out a simple loan app and receive the best loan check cut the same day. But Custom Mortgage Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
DETERMINE HOW MUCH YOU CAN BORROW
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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.
COMPLETE A PRE-QUALIFICATION
This is where the rubber meets the road and Custom Mortgage Services, Inc. can really save you money. You will provide information about your employment, assets, and your residence history. You’ll supply your employment, asset, and residence history information. We run your credit score and report. After we have gone over all this information we provide a letter of pre-qualification. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you’re looking for a new home with your real estate agent, we find the best program for you.
APPLY FOR YOUR LOAN
Once you’ve made an offer and it’s been accepted, it’s time to complete the loan application. It couldn’t be easier, and you can apply online, right here on our website. At the end of this step, we’ll order the appraisal of your new home.
Some documents that you will need to include with your application include: 1) driver’s license; 2) most recent paystub; 3) last year’s W-2 form; 4) two years of personal tax returns (if self-employed); and 5) social security or pension awards letter (if applicable).
YOUR LOAN IS FUNDED
Your REALTOR® and the seller’s will coordinate to decide on a title company to handle the funding of your loan once it’s approved. We’ll work with this company to make sure the papers your lender will require are available, and you’ll probably likely sign all these papers at this company’s office. We coordinate with the title company on your date to close. Since you will not have to worry with this coordination, you get to concentrate on moving, painting, carpet, and all the details of moving into your new home.
You’ve answered some few questions, provided lots of information, applied, and the next thing you know, you are moving in! We take care of the loan details so you can spend your time finding the new home that’s right for you.
Ready to start the process? It only takes a minute.
Give us a few details, we’ll give you the best rates.