The Loan Process: an Overview

There's quite a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to fill out a simple mortgage application and receive an excellent loan check cut in one day. 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 obtaining a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification

This is where the process really begins and Hanson Planning Group can really save you money. You will give us details on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we have reviewed this info we provide a letter of pre-qualification. Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy researching the loan program that's right for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.

Step four: your loan is funded

The 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 will require are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your closing date. Since you won't need to worry with this coordination, you can think about moving, painting, new carpet, and the fun parts of moving into a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding your new home.