How the Loan Process Works
Searching for mortgage advice? We'd be thrilled to discuss our many mortgage solutions! Give us a call today at (541) 676-9884. Want to get started? Apply Online Now
There can be no doubt ; getting a mortgage is a complex process. You wouldn't be visiting our website if you could fill out a one-page application and receive the best loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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? 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 step is where Bank of Eastern Oregon can begin to save you money. You will supply information about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. We will review this info then will give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® will likely 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 picking out your new home, we're busy finding the loan program that's right for your situation.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date to close. Because you will not need to coordinate this process, you can think about moving, painting, carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! Bank of Eastern Oregon is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
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!