The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage 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.
There are four primary steps involved in getting a loan.
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Carter Financial Solutions can start to save you money. You will give us info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We will review all this info and give you a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order the 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. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Since you will not have to worry about these details, you get to think about moving, painting, carpet, and the fun parts of getting your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Carter Financial Solutions is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Carter Financial Solutions at 866-840-8745 x2. It's our job to answer lending questions, so we're happy to help!