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 An overview of the loan process
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.
| Step one: determine how much you can borrow |
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This is a function of a couple things. How much can you afford to pay monthly? How much will a lender actually lend you based on your individual, employment history, income debt and long term goals?
By simply utilizing Banknet's website calculator, you can easily figure out a monthly payment that is reasonable for your budget. The mortgage experts at Banknet also walk you through scenarios by asking a few simple questions, that helps us get aquainted with your expectations. The close, hands-on approach that Banknet employs allows us to provide potential borrowers with the individual attention that is necessiary in finding the most beneficial loan program for your needs. |
| Step two: pre-qualify for your loan |
In order for you to prequalify for a desired loan amount, you supply us with information regarding your employment, current assets, residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Qualification Letter, which states the loan amount that you are potentially qualified for. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home of your dreams, Banknet's busy finding the loan that will make that dream a reality! |
| Step three: apply now! We make it easy |
Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home. |
| Step four: your loan is funded |
| Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. Banknet then coordinates with the escrow company to make sure all the information you lender will need is in order, and that the loan process goes as smooth as possible. | You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?
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