An Overview of the Loan Process
There's no question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to 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 important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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 is where Firelight Mortgage Consultants can start saving you money. You will provide details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we're busy researching the loan that's right for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you don't need to coordinate this process, you can concentrate on moving, painting, carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! 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. We answer questions about the loan process every day.