The Loan Process: an Overview

Shopping for a mortgage loan? We'll be glad to discuss your mortgage needs! Call us at 5036903088. Want to get started? Apply Online Now.

There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Abacus Mortgage & Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a loan.

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. And we can guide you to the right loan amount and best program for you when you answer a few 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 info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualification letter. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will work together to designate an escrow/title company to take care of 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 everything at their officeWe do all the work to coordinate with the title company to set your date to close. Since you won't have to worry about these details, you get to concentrate on the move, painting, carpet, and all the details of getting your new house.

You've answered some few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! Abacus Mortgage & Loans is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call Abacus Mortgage & Loans at 5036903088. It's our job to answer lending questions, so we're happy to help!




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