The Loan Process: an Overview

There's little question ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Olympic Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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: complete a pre-qualification

This is where the rubber meets the road and Olympic Mortgage can really save you money. You will supply details on your current job, your 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 a pre-qualification letter. Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, 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 accept it, it's time to apply for the loan. It's very easy, and you can do it 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

Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are available, and are likely to sign everything at this company's office. We work with the title company to set your date of closing. Because you don't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Olympic Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?