How the Loan Process Works
No doubt, quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. But Firelight Mortgage Consultants does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
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. 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: pre-qualify for your loan
This is where the process really begins and Firelight Mortgage Consultants can really save you money. You will provide details on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll review all this information then provide a pre-qualification letter. Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your closing date. Since you don't have to worry about these details, you can think about moving logistics, paint colors, carpet, and all the details of moving into a new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Firelight Mortgage Consultants at (303) 228-2254. Firelight Mortgage Consultants answers loan process questions every day.