The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be no question that 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 one day by filling out a simple application. 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 important steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This is where The Mortgage Firm - Team Meyers can begin saving you money. You will provide information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your closing date. Because you don't need to worry about these details, you get to think about moving, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! The Mortgage Firm - Team Meyers is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call The Mortgage Firm - Team Meyers at (407) 889-4321. We answer questions about the loan process every day.