The Four Steps of the Mortgage Loan Process
Are you looking for a new mortgage? We'll be glad to talk about our mortgage offerings! Give us a call at 713-676-5255. Ready to get started? Apply Online Now
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be here on our site if you could fill out a one-page application and get the best loan check cut the same day. But eCU Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will supply info on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We will go over this information and provide a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are looking for the best loan for you.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender needs are in order, and you will probably sign everything at this company's office. We will coordinate with this company to set your date to close. Because you will not have to worry with this coordination, you get to think about moving, paint colors, carpet, and the details involved in moving into your new home.
After you have answered a few questions, given us detailed information, and applied online, you're ready to move in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call eCU Mortgage at 713-676-5255. We answer questions about the loan process every day.