The Mortgage Loan Process: an Overview

Shopping for a mortgage loan? We will be glad to assist you! Call us at 352-516-9884. Ready to begin? Apply Here.

There's little question that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page application and get the best loan funded in one day. But we Expert Home Loan Advisors do the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in getting a loan.

Step one: Decide on your maximum loan amount

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? You can get a good start of your preferred payment amount using the calculators on our website but please keep in mind even the best mortgage calculators do not accurately account for private mortgage insurance. We can guide you to the right loan amount and best program for you when you answer a few 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

You will supply details on your employment, assets, and your residence history and we will also need to get your permission to access your credit score and report. It's very easy, and you can do it online right here on our website. After we have gone over all this info we provide a pre-qualification letter. You should use the pre-qual (as it's referred to) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, or while your home is being built if you are buying new construction, we're busy researching what steps you can take to improve your credit terms and get the best deal for you!

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, you will complete the formal loan application.  We'll order a professional appraisal on the home and begin loan processing- gathering all the paperwork necessary to obtain your "clear to close".

Step four: funding

We will coordinate with the escrow/title company to take care of the closing and funding of your loan. You'll likely sign everything at their office or at your builder's model. You won't have to worry about these details, you get to think about moving logistics, painting, transferring utilities and all the fun parts of moving into your new house!

You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call the Expert Home Loan Advisors at 352-516-9884. It's our pleasure to answer your lending questions!