The Mortgage Loan Process: an Overview
In the market for a new mortgage loan? We'll be glad to talk about our many mortgage solutions! Call us at 773-557-1000. Want to get started? Apply Here
No doubt, quite a lot to do in order to get a mortgage. You wouldn't be visiting our site if it were possible to fill out a one-page loan application and receive a great loan funded in one day. But Mortgage Max Corporation d/b/a Chicagoland Home Mortgage Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
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? 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. And we can guide you to the right loan amount and best program for you when you answer a few 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 Mortgage Max Corporation d/b/a Chicagoland Home Mortgage Services can really save you money. You will provide information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have reviewed this info we will provide a letter of pre-qualification. Your 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 shopping for your new house with your real estate agent, we 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. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
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 make sure all the papers your lender requires are available, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your date to close. Since you won't have to coordinate this process, you can think about the move, paint colors, carpet, and all the details of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Mortgage Max Corporation d/b/a Chicagoland Home Mortgage Services at 773-557-1000. It's our job to answer lending questions, so we're happy to help!