The Loan Process: an Overview
No doubt, quite a lot involved in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. We do most of 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? 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us information on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are looking for the best loan program for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, 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
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Because you don't need to worry with this coordination, you get to think about moving, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! Firelight Mortgage Consultants is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Firelight Mortgage Consultants at (303) 228-2254. Firelight Mortgage Consultants answers loan process questions every day.