An Overview of the Mortgage Loan Process

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No doubt, quite a lot involved in order to get a mortgage. You wouldn't be here on our website if it were possible to complete a simple application and get the best loan check cut in one day. But Mutual Security Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

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. 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: pre-qualify for your loan

This is where Mutual Security Mortgage will begin to save you money. You will give us information on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy researching the loan that's just right for your situation.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date to close. Because you don't have to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into your new home.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving 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 Mutual Security Mortgage at 303-931-7879. We answer questions about the loan process every day.