How the Mortgage Loan Process Works
There's quite a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a mortgage 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.
There are four important steps involved in getting a 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? 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. 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 is where Carter Financial Solutions will begin to save you money. You will supply details on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We will review all this information then provide a pre-qualification 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 your new house with your real estate 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, you should complete the loan application. It's very easy, and you can do it online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Because you will not have to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you are moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Carter Financial Solutions at 866-840-8745 x2. It's our job to answer lending questions, so we're happy to help!