How the Mortgage Loan Process Works
There can be little question that getting a mortgage is a complicated process. You would not be looking up loan information if you could get a loan in one day with 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.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This step is where Carter Financial Solutions will start to save you money. You will provide information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® 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 deciding on your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply 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: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Because you won't have to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Carter Financial Solutions at 8668408745. We answer questions about the loan process every day.