The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be little question that getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out 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 milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 is where The Mortgage Firm - Team Meyers can begin to save you money. You will provide details about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We'll go over all this info then will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan once it has been approved. 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 coordinate with this company on your date to close. Because you will not need to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We do the legwork 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. We answer questions about the loan process every day.