The Mortgage Loan Process: an Overview

Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to 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.

Getting a mortgage loan involves four major steps.

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? 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: pre-qualify for your loan

This is where the process really begins and The Mortgage Firm - Team Meyers can really save you money. You will give us details on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. We will go over all this info then give you a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! 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 researching the best loan program for you.

Step three: apply now! We make it easy

Once you have signed the 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 the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Because you won't have to worry about these details, you get to concentrate on the move, if you're going to repaint, new carpet, and the fun parts of getting 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 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. It's our job to answer lending questions, so we're happy to help!

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