How the Loan Process Works
There is little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan application and get an excellent loan funded in one day. 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 mortgage 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? 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. 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 to save you money. You will supply information on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we have gone over all this information we will provide a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we're busy finding the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you have made an 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 seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with this company on your date to close. Since you will not need to worry with this coordination, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Firelight Mortgage Consultants is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Firelight Mortgage Consultants at (303) 228-2254. It's our job to answer lending questions, so we're happy to help!