How the Loan Process Works

There's little question ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a simple application and receive the best loan check cut 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.

Getting a mortgage loan involves four major milestones.

Step one: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple 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 Spectrum Mortgage can really save you money. You will provide info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide you with a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the sellers will coordinate to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll likely sign everything at this company's office. We will work with the title company to set your closing date. Because you don't have to worry about these details, you can concentrate on the move, paint colors, new carpet, and the details involved in getting your new home.

Once you've answered some few questions, given us lots of information, and applied online, you'll be moving in before you know it! Spectrum Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?