Charles R. Nelson Mortgage, Inc.    



The Loan Process

1. Select a mortgage professional.

Before you take the huge step of buying a home, you will have to decide what mortgage is best for you, and you will want to make sure you get a loan with the most favorable terms possible. You'll want someone who knows the business in your corner. An experienced professional in the mortgage industry will be able to help lead you through the process of buying a home.

2. Get prequalified; Know what you can afford.

An analysis of your income, debts, employment history, and assets will show how much you can afford to spend on a house, and how large a loan you will be able to qualify for. Our calculator can help you determine how much house you can afford. Mortgage brokers or lenders are also able to prequalify you, or give you an estimate of what kind of a loan you could get.

3. Choose the mortgage that's best for you.

You should familiarize yourself with the various options on the mortgage market, and decide which loan would best meet your needs. A mortgage specialist will also be able to help you with this step of the process, but you can read up on the various types of mortgages and the factors involved in the decision.

4. Apply for a loan.

It takes 30 to 45 days to complete application processing. After you have submitted your loan application, your loan officer will give your file to the loan processing department. Information will be verified and calculations will be checked. The loan will then pass to the underwriting stage, at which the decision will be made. Once your loan is approved, it moves to closing.

5. Close the loan.

The final step in the process is the closing of the transaction. Documents must be signed, fees paid, and title transferred. Once the sale is closed, the house--and mortgage--are yours.

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The Loan Process |  Which Term is Right for You