The Mortgage Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage. You wouldn't be here on our site if it were possible to complete a simple application and receive a great loan check cut the same day. But The Mortgage Firm - Team Meyers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
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. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This step is where The Mortgage Firm - Team Meyers will start to save you money. You will supply information on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review all this info then will provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy researching the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
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 all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company on your date to close. Because you will not need to worry with this coordination, you can concentrate on the move, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! We take care of 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.