There can be no doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to fill out a one-page application and get the best loan funded in one day. But ChangeMyRate.com does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and ChangeMyRate.com® can really save you money. You will supply info on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualification letter. Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" 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'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Since you won't have to worry about these details, you get to concentrate on the move, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! ChangeMyRate.com is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Closing Cost Slasher
- Only ChangeMyRate.com offers you the Closing Cost Slasher™, a unique method we use to virtually eliminate closing costs
Have questions about the loan process? Call ChangeMyRate.com® at (562) 981-7700. It's our job to answer lending questions, so we're happy to help!