An Overview of the Loan Process
Shopping for a mortgage loan? We'd be thrilled to talk about your mortgage needs! Give us a call today at (941) 954-4252. Want to get started?
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There is no question ; getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a one-page loan app and get an excellent loan check cut the same day. But Iltis Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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: pre-qualify for your loan
This is where the rubber meets the road and Iltis Lending Group can really save you money. You will provide info on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® should use the 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 your new home 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 complete the loan application. Applying for a loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are available, and you'll probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Since you don't need to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! We do the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Iltis Lending Group at (941) 954-4252. Iltis Lending Group answers loan process questions every day.