How the Mortgage Loan Process Works

There can be no question that getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. But Mortgages Plus does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major milestones.

Step one: determine how much you can borrow

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 idea of your preferred payment amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 is where the rubber meets the road and you save the most money. You will provide info about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we have reviewed this info we give you a letter of pre-qualification. Your real estate agent should use your pre-qual (as they may call it) 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, we are looking for the loan that best fits your needs.

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 your loan couldn't be 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: funding

The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender needs are available, and you will likely sign everything at this company's office. We will work with the title company to set your date of closing. Because you won't need to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting your new house.

Once you've answered some few questions, provided detailed information, and applied, you're ready to move in! We take care of the loan details so you can focus on finding the new home that's right for you.