The Loan Process: an Overview

Are you looking for a mortgage loan? We'd be thrilled to talk about your mortgage needs! Give us a call today at (205) 588-0672. Want to get started? Apply Here.

No doubt, a lot involved in order to get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Gulf States Financial does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

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

Step one: Decide how much you can afford

A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few 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 step is where Gulf States Financial can begin to save you money. You will supply information about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide you with a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are looking for the best loan for you.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, 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 agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will require are available, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your date to close. Since you don't need to worry with this coordination, you get to concentrate on the move, painting, carpet, and the fun parts of getting a new house.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! Gulf States Financial is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Gulf States Financial at (205) 588-0672. We answer questions about the loan process every day.