An Overview of the Loan Process
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive a great loan check cut the same day. But Carter Financial Solutions does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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. 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 is where the process really begins and you save the most money. You will give us information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy researching the loan program that's right for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Since you won't need to worry about these details, you get to think about moving, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Carter Financial Solutions at 866-840-8745 x2. We answer questions about the loan process every day.