The Loan Process
The Loan Process
Make no mistake, there’s a great deal of work involved in getting a home mortgage loan, but Liberty Lending Consultants will 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 home loan. You’ll see that we’ve made your part in them as easy as possible, while we do all the work! That’s what we’re here for.
Step One: Determine How Much You Can Borrow
A couple key questions determine the maximum amount you can borrow. How much of a monthly payment can you afford? And given your unique credit and employment history, goals, income and debt, how much will a lender loan you? The first part you can get a rough idea of by using the calculators (Link to Calculators) on our website. We’ll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we’ll give 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 Home Mortgage Loan
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history and so on. We get your permission to run your credit score. When we review all this information we give you a pre-qualification letter. Handle it with care: to a home seller, it’s like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose. And if 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!
Once you’ve made an offer and it has been accepted, it’s time to complete the home mortgage loan application. Just fill out our online form or call us at (314) 336-9111 – it couldn’t be simpler. When the time is right, we will order an appraisal of your new home.
Step Four: Your Home Loan Is Funded
Your realty agent and the seller will work together to designate an escrow/title company to handle the funding of your home loan once it’s approved. We’ll 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.