An Overview of the Loan Process
Shopping for a mortgage loan? We'll be glad to answer your questions about our many mortgage solutions! Call us at (856) 988-8100 x3015. Ready to begin? Apply Online Now
Make no mistake, there's a lot to do in order to get a mortgage. You wouldn't be visiting our website if you could fill out a one-page application and receive the best loan funded in one day. But Oak Mortgage Company, LLC 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 loan.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 you save the most money. You will supply information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy researching the loan program that's right for your situation.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are available, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you don't have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Oak Mortgage Company, LLC at (856) 988-8100 x3015. We answer questions about the loan process every day.