The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's no question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out 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.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 start saving you money. You will give us info about your current job, assets, and 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. Handle it with care — it can be a great tool when you make your offer! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home, we are finding the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
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 make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe work with with this company on your date to close. Because you will not have to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're moving in! Carter Financial Solutions is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Carter Financial Solutions at 8668408745. We answer questions about the loan process every day.