How the Loan Process Works
Searching for a mortgage loan? We can help! Give us a call at 801.255.6582. Ready to begin? Apply Now
There can be little question ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. Alliance Lending Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Discuss your options
How much of a monthly payment can you afford? What is the maximum you can borrow given your income and credit history? You can get a good idea of your preferred payment amount using the calculators on our website. We will guide you to the right loan amount and best program for your situation. Based on standard lender guidelines, we'll get you a good idea of what terms and loan programs you can benefit most from.
Step two: Pre-qualify for your loan
You will supply documentation of employment, assets, and residence history. We will then pull your credit report to obtain your fico score (with your permission). After we've finished reviewing your information, we'll provide you with a pre-qualification letter. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we're busy finding the loan that's right for your unique situation.
Step three: Loan Submission
After you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: Funding
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 documents your lender will need are in order, these can be electronic or wet signed disclosures. We will work with the title company to set your closing date. Since you don't have to worry about these details, you get to think about moving, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Alliance Lending Services at 801.255.6582. We answer questions about the loan process every day.