The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one 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 loan involves four major milestones.
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. 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 Firelight Mortgage Consultants will begin to save you money. You will provide info about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we have gone over all this info we provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are researching the best loan for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Since you won't have to worry with this coordination, you can concentrate on moving, painting, carpet, and all the details of getting your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We do the mortgage legwork 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 (720) 550-4235. It's our job to answer lending questions, so we're happy to help!