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 you could 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 steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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 rubber meets the road and you save the most money. You will supply information on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Since you don't have to worry about these details, you get to think about the move, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details 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. We answer questions about the loan process every day.