How the Loan Process Works
Looking for a loan? We'd be thrilled to answer your questions about your mortgage needs!
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Make no mistake, there's a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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 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: Pre-Approval for your loan
This is where EMB Lenders, Inc. can start saving you money. You will give us info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide you with a pre-approval letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you don't need to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! EMB Lenders, Inc. is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? We answer questions about the loan process every day.
Call EMB Lenders, Inc. today! Broward: 954.539.2000 | Dade: 305.387.0345.