The Loan Process: an Overview
In the market for a mortgage? We can help! Give us a call at 573-443-8462. Ready to get started? Apply Now
Make no mistake, there's a lot to do in order to get a mortgage. You wouldn't be here on our site if you could complete a simple loan app and receive an excellent loan funded the same day. 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 main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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: complete a pre-qualification
This step is where Tigers Community Credit Union can begin saving you money. You will provide information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed all this information we will give you a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply from the comfort of your home 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" of the loan and closing. We'll work with this company to ensure the papers your lender will need are in order, and you'll likely sign all these papers at their office. We will coordinate with this company on your date to close. Because you don't need to worry with this coordination, you can think about moving logistics, paint colors, new carpet, and all the details of getting your new house.
Once you've answered some few questions, given us detailed information, and applied, you'll be ready to move sooner than you think! Tigers Community Credit Union is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it?
Have questions about the loan process? Call Tigers Community Credit Union at 573-443-8462. We answer questions about the loan process every day.