How the Loan Process Works
There can be little question ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a loan in one 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: 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. We'll also help you through different scenarios by asking a few simple questions. 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 process really begins and you save the most money. You will provide details on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we have reviewed this information we give you a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are looking for the loan that best fits your needs.
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date of closing. Because you will not have to worry about these details, you can concentrate on moving, painting, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! The Mortgage Firm - Team Meyers is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?
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.