The Mortgage Loan Process: an Overview
No doubt, quite a lot involved when you get a mortgage loan. You would not be researching mortgage loans if you could 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 main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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. 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 is where the process really begins and you save the most money. You will provide information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). When we review this info we give you a letter of pre-qualification. Your REALTOR® should use your 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 REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply 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 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 requires are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your date of closing. Since you don't have to worry about these details, you get to think about moving, paint colors, carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Carter Financial Solutions at 866-840-8745 x2. We answer questions about the loan process every day.