An Overview of the Mortgage Loan Process
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out 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.
There are four main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This step is where Firelight Mortgage Consultants can begin to save you money. You will give us details about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review this information we will give you a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, 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'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Since you won't have to worry about these details, you get to concentrate on the move, painting, new carpet, and all the details of getting a new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Firelight Mortgage Consultants is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Firelight Mortgage Consultants at (303) 228-2254. Firelight Mortgage Consultants answers loan process questions every day.