The Mortgage Loan Process

Navigating the Mortgage Process

If you’re in the process of purchasing a new home, understanding the mortgage loan process might seem daunting. We’re here to help simplify the process and make it easier to understand.

At Liberty Lending Consultants, we pride ourselves on guiding our clients through every step of the mortgage loan process. Our team of experienced mortgage professionals uses a personalized approach, taking time to understand your financial needs and circumstances before recommending the right loan option for you.

Make no mistake, there’s a great deal of work involved in getting a home mortgage loan, but Liberty Lending Consultants will 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 line of credit.

There are four main steps involved in getting a home loan. You’ll see that we’ve made your part in them as easy as possible, while we do all the work! That’s what we’re here for.

Step One: Determine How Much You Can Borrow

A couple of key questions determine the maximum amount you can borrow. How much of a monthly payment can you afford? And given your unique employment and credit history, goals, income, and debt, how much will a mortgage lender loan you?

You can get a rough answer to the first question by using a loan calculator to get a mortgage rate and loan estimate. We’ll help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we’ll give you a good idea of what kind of terms and loan program you can expect to benefit from most.

Step Two: Pre-Qualify for Your Home Mortgage Loan

This is where the rubber meets the road and you save the most money. This step involves our team running a credit report, evaluating your credit score, employment history, and other financial information to determine the loan amount for which you qualify. 

Pre-approval provides you with a clear understanding of your budget, enabling you to search for a home that meets your criteria and fits within your budget. 

When we review all this information we give you a pre-qualification letter. This is your conditional approval. 

Handle it with care: to a home seller, it’s like a suitcase full of cash! Your real estate agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose. And if the seller knows you have pre-approval, it gives you buying clout. While you’re picking out the home that’s right for you, we’re busy finding the best mortgage rates for you.

Step Three: Apply!

The next step in the process is submitting your mortgage loan application. We’ll provide you with a list of documents needed, including proof of income, tax returns, and other financial information required by the lender.

Once your mortgage loan application is submitted, a loan officer will guide you through the underwriting process. This involves the mortgage lender evaluating all the information presented in your mortgage application to determine the risk involved in providing you with a loan. Our team will work with the lender to ensure that the process runs smoothly and quickly.

Once you’ve made an offer through your real estate agent and it has been accepted, it’s time to complete the home loan process. Just fill out our online form or call us at (314) 336-9111 – it couldn’t be simpler. When the time is right, we will order an appraisal of your new home.

Step Four: Your Home Loan Is Funded

After the underwriting process, it’s time for closing. We’ll set up a time and place for you to sign your loan documents and finalize your mortgage.

Your real estate agent and the seller will work together to designate an escrow/title company to handle the funding of your home loan once you have final loan approval. We’ll coordinate with the escrow company to make sure all the papers your lender will need are in order including the closing disclosure, and you’ll sign everything at the escrow/title company’s office.

Once you’ve signed the documents, you’ll receive the keys to your new home, and the home loan process is complete.

We understand that the mortgage loan process can feel overwhelming, but at Liberty Lending Consultants, we’re here to help. Our personalized approach, experienced team, and commitment to providing excellent customer service make us the right choice for your mortgage needs. Contact us today to learn more about our services and how we can help make your home-buying dreams a reality.