How the Mortgage Loan Process Works
There's a lot to do when you get a mortgage loan. You wouldn't be visiting our website if you could complete a one-page loan app and get a great loan funded in one day. But Entrust Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: 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 employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply for your loan
Once you've made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date of closing. Because you don't need to worry with this coordination, you can think about moving, paint colors, carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.