The Mortgage Loan Process: an Overview
Shopping for a mortgage? We'll be glad to answer your questions about our mortgage offerings! Call us at (888) 833-5192. Ready to begin? Apply Now
There can be little doubt that getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But Opportunity Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
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. And we can guide you to the right loan amount and best program for you when you answer a few 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 is where the process really begins and you save the most money. You will supply info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we have reviewed this information we will provide a pre-qualification letter. Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender requires are available, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your date of closing. Since you won't need to worry with this coordination, you get to concentrate on moving, painting, carpet, and the fun parts of getting a new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're deciding when to move in! Opportunity Funding is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Opportunity Funding at (888) 833-5192. It's our job to answer lending questions, so we're happy to help!