The Four Steps of the Loan Process:The Loan Process: Four Steps
In the market for a new mortgage loan? We'll be glad to discuss our mortgage offerings! Give us a call at (541) 676-9884. Want to get started? Apply Online Now
There can be no question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in a single day with 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.
Getting a home loan involves four major steps.
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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will give us information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's just right for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's 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 work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your closing date. Since you don't need to coordinate this process, you can concentrate on the move, painting, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Bank of Eastern Oregon at (541) 676-9884. It's our job to answer lending questions, so we're happy to help!