How the Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one 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? 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. We'll also help you through different scenarios by asking a few simple questions. 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 Carter Financial Solutions can begin saving you money. You will supply info about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review all this information then will give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the 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 needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date to close. Since you won't need to worry with this coordination, you can think about the move, painting, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of the 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.