The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot to do in oder to get a mortgage. You wouldn't be here on our website if you could complete a one-page application and get the best loan funded in one day. 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 milestones.
Step one: Decide how much you can afford
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? Use the calculators on our website to determine your monthly payment amount. 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 Firelight Mortgage Consultants will start to save you money. You will give us information about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we are looking for the loan that best fits your needs.
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 right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you won't have to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Firelight Mortgage Consultants is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Firelight Mortgage Consultants at (303) 228-2254. We answer questions about the loan process every day.