An overview of the loan process - W J Bradley Mortgage Capital LLC

An overview of the loan process

Make no mistake, theres a lot involved in getting a mortgage loan. You wouldnt be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on whats 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. Youll see that weve made your part in them as easy as possible, and we do all the work! Thats what were here for.

Step one: determine how much you can borrow

This is a function of a couple things. 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? The first part you can get a rough idea of by using the calculators on our website. Well also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, well 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

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, its 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 the seller knows youre pre-qualified. It gives you buying clout! And while youre picking out the home thats right for you, were busy finding the loan thats right for you.

Step three: apply now! We make it easy

Once youve made an offer and its been accepted, its time to complete the loan application. It couldnt be easier, and you can do it online, right here at our website. When the time is right, well order an appraisal of your new home.

Step four: your loan is funded

Your realty agent and the sellers will work together to designate an escrow/title company to handle the funding of your loan once its approved. Well coordinate with the escrow company to make sure all the papers your lender will need are in order, and youll sign everything at the escrow/title companys office.

Youve answered a few questions, given us some detailed information, applied online, and next thing you know, youre moving in! Were in the business of mortgage loans -- so we do most of the work. Doesnt that make sense?

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