The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan app and receive an excellent loan check cut the same day. But Carter Financial Solutions does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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. 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: complete a pre-qualification
This step is where Carter Financial Solutions can start to save you money. You will give us info about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your real estate agent will likely use your 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 looking for your new home with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, 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 will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date of closing. Because you will not have to coordinate this process, you get to concentrate on the move, paint colors, carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be 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 8668408745. We answer questions about the loan process every day.