The Mortgage Loan Process: an Overview

Make no mistake, there's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out 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.

Getting a loan involves four major milestones.

Step one: determine how much you can borrow

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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 is where the rubber meets the road and Firelight Mortgage Consultants can really save you money. You will give us details about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a 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 accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll 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" and closing. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Because you won't need to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and all the details of moving into a new home.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Firelight Mortgage Consultants at 7209331025. It's our job to answer lending questions, so we're happy to help!