An Overview of the Mortgage Loan Process
There's little question that getting a mortgage loan is a complex process. You would not be looking up loan information if you could 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 the process really begins and you save the most money. You will give us info on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your agent will use your 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 deciding on your new home, we are finding the best loan for you.
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Since you won't have to worry about these details, you get to concentrate on moving, paint colors, new carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! Carter Financial Solutions is a mortgage specialist; 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. Carter Financial Solutions answers loan process questions every day.