The Mortgage Loan Process: An Overview
No doubt, quite a lot involved in order to get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and receive an excellent loan funded the same day. But Union Mortgage Investment Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Decide on your maximum loan amount
A couple of factors determine this amount. 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: Pre-qualify for your loan
This is where the rubber meets the road and Union Mortgage Investment Group can really save you money. You will provide details about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your Realtor® should 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 are looking for the loan that best fits your needs.
Step Three: Apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order the appraisal of your new home.
Step Four: Your loan is funded
Your real estate agent and the sellers will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably sign all these papers at this company's office. We will work with this company to set your date to close. Since you won't need to worry with this coordination, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
Once you've answered some few questions, given us detailed information, and applied online, you'll be ready to move sooner than you think! Union Mortgage Investment Group is in the business of mortgage loans; you're not — so let the experts do the work. Doesn't that sound nice?