The Four Steps of the Loan Process

There's no question that getting a mortgage loan is a stressfull process. You wouldn't be visiting our website if it were possible to complete a one-page loan app and receive an excellent loan check cut the same day. But Jorge Malo does the heavy lifting so you can concentrate on your life rather than the 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.  On your monthly mortgage payment it has to be included also taxes and insurance and homeowner association  fees(if any) plus the mortgage insurance.  So, expecting a monthly payment under $1,200 in South Florida is not very realistic.  Remember, that when you own a house, you are responsible for all the expenses of the house, which is also good because you are generating a net worth for you and your family.

Step Two: Complete a pre-qualification

This is where Jorge Malo can begin saving you money. You will give us details about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission). After we've reviewed this information, we'll provide you with a pre-qualification letter. Your realtor will use the pre-qual (as they may call it) to make the best offer on the home you choose. We will also give you exclusive access to our own phone app.  That way, you will have the option of preparing your own pre-qualification letters and check for your monthly payments for all houses you and your agents are interested in visiting.

Step Three: Apply for your loan

Once you have made the offer and it's been accepted, it's time to start the loan process.  After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.  We will be requesting some more documents from you, the loan will be send to underwriter, and then we will work on the "conditions" from the underwriter, until we get what is called a Clear To Close, which means, you are ready to sign the final docs and receive the keys of your new home!!!!.

Step Four: Funding

Right after you have a signed contract by the seller, your real estate agent and the sellers will work together to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers we need are available, and you'll probably sign everything at this company's office. We will coordinate with this company on your date of closing. 

Once you've answered some few questions, provided detailed information, and applied online, you're ready to move in! Jorge Malo is in the business of loans; you're not — so let the experts do the work. Doesn't that sound nice?

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