The Loan Process: an Overview

There is no question ; getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four important steps involved in getting a mortgage loan.

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. We'll also help you through different scenarios by asking a few simple 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 Aspen Financial Group, Inc. can start saving you money. You will give us information on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We'll review this info then will give you a pre-qualification letter. Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.

Step three: apply for your loan

After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender needs are available, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Since you won't have to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and all the details of moving into a new house.

You've answered some few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Aspen Financial Group, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?