The Mortgage Loan Process: An Overview
There can be little doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Step One: Decide on your maximum loan amount
This is a function of a couple things. 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 amount using the calculators on our website. 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: Complete a pre-qualification
This is where SEFS LLC dba SEFS Home Loans can begin to save you money. You will provide information on your employment, assets, and your residence history. You'll supply 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 info we will give you a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply 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: Funding
Your Realtor® and the sellers will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably sign all these papers at this company's office. We will coordinate with this company to set your date of closing. Because you will not have to worry about these details, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in getting your new house.
After you have answered a few questions, given us detailed information, and applied online, you'll be ready to move sooner than you think! SEFS LLC dba SEFS Home Loans is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it?