How the Loan Process Works

Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a simple loan application and get a great loan check cut in one 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.

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. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount 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 quewstions. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will provide info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are researching the best loan program for you.

Step three: apply now! We make it easy

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

Step four: your loan is funded

The real estate agents will find an escrow/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 will probably}likely sign everything at their office We work with with the title company on your closing date. Because you don't have to worry about these details, you can think about moving logistics, paint colors, new carpet, and all the details of getting your new home.

You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Ruidoso Mortgage at 575-258-1316. We answer questions about the loan process every day.