The Loan Process: an Overview
There's quite a lot to do in oder to get a mortgage. You wouldn't be visiting our site if you could fill out a one-page loan app and receive a great loan check cut in one 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.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
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. 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 to save you money. You will provide information on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review all this info we give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date of closing. Because you don't have to worry with this coordination, you can think about moving, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
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.