The Loan Process: An Overview
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But JOANNE AHN does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Decide how much you can afford
This is a function of a couple things. 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? You can get a good idea of your preferred payment amount using the calculators on our website. 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-qualify for your loan
This is where JOANNE AHN will start to save you money. You will supply information on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. When we review this information we give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your Realtor®, we find the best program for you.
Step Three: Apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new home.
Step Four: Funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably sign all these papers at this company's office. We will coordinate with the title company on your closing date. Since you don't need to worry with this coordination, you can think about the move, paint colors, new carpet, and the fun parts of getting a new home.
Once you've answered a few questions, provided detailed information, and applied online, you'll be ready to move sooner than you think! We take care of the loan details so you can focus on finding your new home.