The Loan Process: an Overview

	Searching for mortgage advice? We can help! Give us a call today at 562-696-3139. Ready to get started? Apply Now.

There is no question 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.

There are four main 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 process really begins and Financial Brokers of America can really save you money. You will provide details about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. We'll review all this info then provide a pre-qualification letter. Be careful with this letter — it is 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 your new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. Finally, we will order an 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 avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Since you will not have to coordinate this process, you get to think about moving logistics, paint colors, carpet, and all the details of getting a new house.

You've answered a few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Financial Brokers of America at 562-696-3139. It's our job to answer lending questions, so we're happy to help!