The Loan Process: an Overview
There's little doubt that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. We do 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 obtaining 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? 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. 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: pre-qualify for your loan
This is where the rubber meets the road and Carter Financial Solutions can really save you money. You will supply info about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll go over all this information and will provide a letter of pre-qualification. Your REALTOR® will likely 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 shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
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 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 the title company on your closing date. Since you will not have to worry with this coordination, you get to concentrate on the move, painting, carpet, and the details involved in getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Carter Financial Solutions at 866-840-8745 x2. We answer questions about the loan process every day.