How the Loan Process Works
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Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be visiting our site if you could complete a simple application and receive a great loan funded the same day. But Ocean Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
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? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply details on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed your information, we'll provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are available, and you'll probably sign everything at their office. We will coordinate with this company on your date to close. Because you will not need to worry about these details, you can concentrate on moving, painting, new carpet, and the details involved in moving into a new house.
Once you've answered a 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.
Have questions about the loan process? Call Ocean Mortgage at 408-823-2321. It's our job to answer lending questions, so we're happy to help!