The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in one day with a simple application. But The Mortgage Firm - Team Meyers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification
This step is where The Mortgage Firm - Team Meyers can begin saving you money. You will provide details on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. We'll review all this info and provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made 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'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you won't need to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and all the details of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call The Mortgage Firm - Team Meyers at (407) 889-4321. The Mortgage Firm - Team Meyers answers loan process questions every day.