How the Loan Process Works
There's little question that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. 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 home loan involves four major milestones.
Step one: determine how much you can borrow
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? 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. 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 step is where The Mortgage Firm - Team Meyers will start to save you money. You will give us information on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you won't need to worry about these details, you get to think about moving, if you're going to repaint, new carpet, and the details involved in moving into your new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of all the loan details so you can focus on 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.