An Overview of the Mortgage Loan Process
There can be no doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get an excellent loan funded the same day. 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 main steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where Carter Financial Solutions can begin saving you money. You will provide details on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent 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 a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date to close. Because you don't need to worry with this coordination, you get to think about the move, paint colors, carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! Carter Financial Solutions is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Carter Financial Solutions at 866-840-8745 x2. We answer questions about the loan process every day.