The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little question that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a simple application and get an excellent loan check cut in one day. 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 mortgage loan.
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? 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 rubber meets the road and Firelight Mortgage Consultants can really save you money. You will provide info on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we have reviewed this information we give you a letter of pre-qualification. Your REALTOR® will 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 looking for a new house with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Since you won't have to coordinate this process, you get to think about moving logistics, if you're going to repaint, new carpet, and the details involved in 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! Firelight Mortgage Consultants is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Firelight Mortgage Consultants at (303) 228-2254. We answer questions about the loan process every day.