The Mortgage Loan Process: an Overview
There's quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and receive an excellent loan check cut the same day. We do most of 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 getting a 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where the process really begins and you save the most money. You will provide details about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We'll review this information then provide a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you don't need to worry about these details, you get to think about moving, painting, new carpet, and the details involved in moving into a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving! We do the mortgage legwork so you can focus on finding your new home.
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.