An overview of the loan process - Home Source Mortgage Austin

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you the same day. We do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy and convenient as possible, and we do all the work! We are here to assist you with your home purchase and make sure it is a smooth transaction.

Step one: determine how much you can borrow

This is a calculated amount based on a few items. How much of a monthly payment can you afford and what amount are you comfortable paying? Given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a rough idea of monthly payments by using the calculators here on our website. We'll also assist you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll give you an 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 rubber meets the road and you save money. You supply information about your employment, assets, residence history and so on. We use this information along with your credit report in order to give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realtor will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan that's right for you.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

Your realtor and the seller's agent will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office. Once the paperwork is signed, the loan is funded and its time to move into your new home!

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans -- so we do most of the work. Doesn't that make sense?