The Loan Process: an Overview
Shopping for a mortgage loan? We will be glad to help! Give us a call today at 636-720-2432. Ready to get started? Apply Online Now
There's no question ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and receive an excellent loan check cut in one day. But West Community Credit Union does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a 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? 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 step is where West Community Credit Union will start saving you money. You will give us details on your employment, your assets, and your residence history. You'll provide 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 this information, we'll give you a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the sellers will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender will require are in order, and you will probably sign all these papers at this company's office. We will coordinate with the title company on your date to close. Since you won't need to coordinate this process, you get to think about the move, paint colors, carpet, and the fun parts of moving into your new house.
After you have answered a few questions, given us detailed information, and applied, you're ready to move in! West Community Credit Union is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it?
Have questions about the loan process? Call West Community Credit Union at 636-720-2432. West Community Credit Union answers loan process questions every day.