The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There is little doubt ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Graves Owens Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 step is where Graves Owens Lending can start to save you money. You will provide information about your employment, your assets, and your residence history. You'll provide 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 this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with the title company on your closing date. Since you won't have to worry about these details, you can think about moving logistics, paint colors, carpet, and the details involved in moving into your new house.

You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving! Graves Owens Lending is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call Graves Owens Lending at 405-321-5363. Graves Owens Lending answers loan process questions every day.