The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage. You would not be looking up loan information if you could get a mortgage loan in a single day with a simple application. But Firelight Mortgage Consultants does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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 give us info on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are finding the loan that best fits your needs.
Once you have made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Since you will not need to worry about these details, you can think about the move, paint colors, carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! Firelight Mortgage Consultants is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Firelight Mortgage Consultants at (720) 550-4235. Firelight Mortgage Consultants answers loan process questions every day.