The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Searching for mortgage advice? We'd be thrilled to talk about your mortgage needs! Call us at (541) 676-9884. Want to get started? Apply Here
Make no mistake, there's a lot to do in order to get a mortgage. You wouldn't be here on our site if you could complete a simple loan app and receive an excellent loan funded the same day. But Bank of Eastern Oregon does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. 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 Bank of Eastern Oregon can really save you money. You will give us details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe work with with this company on your date of closing. Because you won't need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! We do the mortgage legwork 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!