An Overview of the Loan Process

Are you looking for a new mortgage? We will be glad to help! Give us a call today at 810.679.2500. Ready to begin? Apply Here.

There is no doubt that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page mortgage application and receive the best loan funded the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four primary steps involved in obtaining a mortgage loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll 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 step is where Eastern Michigan Bank can start saving you money. You will provide details on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). When we review all this info we will provide a letter of pre-qualification. Your real estate agent should use the 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 picking out the home that's right for you, we are finding the best loan program for you.

Step three: apply for your loan

Once you have signed the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will need are available, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Because you won't need to worry with this coordination, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting a new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! Eastern Michigan Bank is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call Eastern Michigan Bank at 810.679.2500. Eastern Michigan Bank answers loan process questions every day.