How the Mortgage Loan Process Works
There's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans 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.
Step One: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step Two: Pre-qualify for your loan
This is where the process really begins and Best Capital Funding can really save you money. You will provide details on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. When we review this info we give you a letter of pre-qualification. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.
Step Three: Apply now! We make it easy
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step Four: Funding
Your real estate agent and the sellers will coordinate to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will need are in order, and you will likely sign all these papers at their office. We will work with the title company to set your date to close. Since you will not need to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting your new home.
Once you've answered a few questions, given us detailed information, and applied online, you're ready to move in! We take care of the legwork so you can focus on finding your new home.