The Four Steps of the Loan Process:The Loan Process: Four Steps
There's no question that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. 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 milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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 step is where Carter Financial Solutions will start to save you money. You will supply info on your employment, assets, and your residence history. You'll give us 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 the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. 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" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date to close. Since you don't have to worry about these details, you can think about moving, paint colors, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move 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 866-840-8745 x2. Carter Financial Solutions answers loan process questions every day.