The Four Steps of the Loan Process:The Loan Process: Four Steps
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There's a lot involved when you get a mortgage loan. You would not be looking up loan information if you could get a loan in one day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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? 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 you save the most money. You will provide information on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull your credit report and get your score (only after you give your permission). After we've finished reviewing this information, we'll give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your real estate agent, we're working behind the scenes to find the best program for you.
Once you have made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the closing and funding of the sale. We'll coordinate with this company to ensure all the documents your lender will need are available and you'll probably sign all these documents at their office. We do all the work to coordinate with the title company to set your closing date. Since you will not need to worry with this coordination, you can concentrate on moving, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're moving! City Star Lending is in the business of mortgage loans; you're not — so we'll take care of the details. Doesn't that sound nice??
Have questions about the loan process? Call City Star Lending at (512) 577-6222. It's our job to answer lending questions, so we're happy to help!