The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There is little question ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 step is where Firelight Mortgage Consultants will start to save you money. You will supply information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have gone over this info we provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® 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 make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Because you will not need to coordinate this process, you get to think about the move, painting, carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are 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 (303) 228-2254. We answer questions about the loan process every day.