An Overview of the Loan Process
There's quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with 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 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? 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 Carter Financial Solutions can start to save you money. You will supply information on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We'll review all this info then will give you a letter of pre-qualification. 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 just right for your situation.
Once you've made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Since you don't need to coordinate this process, you get to think about moving logistics, paint colors, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We do 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.