The Four Steps of the Loan Process:The Loan Process: Four Steps

	In the market for a new mortgage loan? We'll be glad to discuss our many mortgage solutions! Call us at (815) 838-6613. Ready to begin? Apply Online Now.

Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. But Parlay Mortgage & Property, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major milestones.

Step one: Decide on your maximum loan amount

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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Parlay Mortgage & Property, Inc. can begin saving you money. You will supply information about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your date to close. Because you won't need to worry about these details, you can concentrate on the move, paint colors, carpet, and the fun parts of moving into your new home.

You've answered some few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! Parlay Mortgage & Property, Inc. is in the business of loans; you're not — so take care of the details. Doesn't that make sense?

Have questions about the loan process? Call Parlay Mortgage & Property, Inc. at (815) 838-6613. We answer questions about the loan process every day.