An overview of the loan process - Oklahoma Funding Group

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be on this website if you could fill out a one-page application and get the best loan for you funded the same day. What the Oklahoma Funding Group does is 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 loan. You'll see that the mortgage professionals at Red Rock Mortgage made your part in them as easy as possible, and we do all the work! That's what they're here for.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website. Your Loan Officer will also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. Your Loan Officer gets your permission to run your credit score. When the Oklahoma Funding Group reviews all this information they will give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, Red Rock Mortgage is busy finding the loan that's right for you.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. Red Rock Mortgage will coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.

You've answered a few questions, given your Loan Officer some detailed information, applied online, and next thing you know, you're moving in! Red Rock Mortgage is in the business of mortgage loans -- so they do most of the work. Doesn't that make sense?