The Loan Mortgage Process: Four Steps
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a simple application and get a great loan check cut the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Step One: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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 the process really begins and Bank of Jackson Hole can really save you money. You will supply information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). When we review this information we will provide a letter of pre-qualification. Your real estate agent should use your 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 deciding on the home that's right for you, we are researching the best loan for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step Four: Funding
Your Realtor® and the sellers will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are available, and you'll probably sign everything at their office. We will work with this company on your closing date. Since you don't need to worry about these details, you get to think about moving logistics, paint colors, carpet, and the fun parts of moving into a new house.
After you have answered a few questions, given us detailed information, and applied online, you'll be moving in before you know it! Bank of Jackson Hole is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?