So you’re looking into how to get a mortgage loan for your first home. Congrats! There are a lot of moving parts to wrap your head around, even before you start setting up those home listing notifications.
At Morty, we’re all about streamlining the home buying process — making it transparent and accessible — so we thought we’d share tips on how to get a mortgage loan in the most painless way possible. We’ll tell you what you need to prepare for a pre-approval, who will be involved in that process, where to apply, and what to expect the whole way through. That way, you’ll be equipped with the knowledge you need when you’re ready to take that first step.
The first matter of business is securing a great mortgage, the essential requirements of the home buying process. It’s what will help sellers decide whether to accept your offer. And, of course, it’s a substantial amount of debt you’ll be taking on and paying off for years to come. Let’s dive in.
How to get a mortgage loan: What you need to know
Remember back in the day, when you’d have to call an airline to get a ticket? You’d share details of your trip, get a quote, and do it all over again with another company. No? Neither do we, to be honest. But before Kayak or Expedia or Priceline, we’ve been told that’s how it worked.
In some ways, mortgages are still kind of like that today.
Usually, whether you’re contacting a credit union or national bank, you have to call them. On the phone. It takes time and energy and sharing lots of personal information, and even then you might be missing out on better rates. It’s exhausting just thinking about it.
Yes, there are websites that help you shop and compare, except they don’t use your actual financial information. Even a .25% difference in your mortgage rate could cost you tens of thousands of dollars in the long run.
So how can first-time homebuyers secure a mortgage loan that’s convenient and accurate? That’s what we’re building at Morty.
We can help you figure out how to get a mortgage loan securely, online, and based on your own financial situation. You can shop loan options from over 20 lenders, from big banks to smaller mom-and-pop shops. All online, all from the comfort of your couch.
Once you’ve shopped around, simply schedule some time within Morty to chat with one of our friendly licensed mortgage advisors, who will help navigate the dizzying world of loan options to find the perfect one for your situation. You work with one genuine, real human being, who’s there to hold your hand all the way to close. (Figuratively, of course.)
The who’s who of mortgage loans
Whichever option you choose to secure your mortgage, you’ll likely run into a slew of people who will bring you to close on your dream home. There are loan officers and processors and underwriters and no, they are not different names for the same thing.
Here’s a quick breakdown:
- Mortgage brokers. These folks serve as an intermediary between you and multiple lenders. They’re paid by the lender, so you won’t have to dole out cash to collaborate with one.
- Loan officers. Employees of a specific bank or lender, who provide information about (and help you get) a loan through their employer.
- Loan processors. You’ll encounter loan processors a little farther along in your home buying journey. Once you’ve made an offer (and it’s been accepted), you’ll formally apply for a mortgage. Loan processors help wrangle the documents and other steps involved in getting your mortgage application in a good place. They’re also tasked with the super fun job of addressing questions and follow-up from the loan underwriter. Speaking of…
- Loan underwriters. These are people who review the mortgage application and make a decision that will impact a big part of your life: whether or not your mortgage loan should be approved.
Overwhelmed? We get it. Guess what? We can help.
Morty takes one of the most complicated parts of the home buying process — navigating the relationships (and paperwork) with the cast of characters above — and brings it all online. Our licensed mortgage advisors will be with you every step of the way.
There are better things you can do with your time than scheduling and attending myriad face-to-face meetings about hefty documentation and legalese. Our Mortgage Advisors will help do the heavy lifting to make your home buying process as smooth as possible.
How do I know my offer will be accepted?
After all the document-wrangling and house hunting, you’ve found a great mortgage and a home you love. A big question lies ahead: How confident are you that your offer will be accepted?
Can you guess what I’m going to say? Yep, Morty can help with that, too.
Our unique (and slightly magical) financing score analyzes your actual financials against a specific property you’re keen on and determines the likelihood that your offer will be accepted. We like to keep things real(istic).
The last piece to consider when thinking about how to get a mortgage loan is timing. Most lenders can take upwards of 6 weeks to close on a house, even more, if you have to get past a homeowners association.
Because we verify your financial information upfront, Morty can get you to close in half the time; around 3 weeks. That’s 3 fewer weeks of stress and 3 more weeks of deciding what fabulous furniture you want to fill your new home with.
Mortgages are not one-size-fits-all, and our team knows the process inside and out. For more tips, tricks, and insights, check out the Morty blog.
The Morty Team