The Mortgage Loan Process: an Overview
There is little doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a simple loan app and get the best loan funded the same day. 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: determine how much you can borrow
A couple of factors determine this amount. 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. 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 is where the rubber meets the road and you save the most money. You will supply information on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We'll review this info and will provide a letter of pre-qualification. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan that's just right for your situation.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you will not have to worry about these details, you get to concentrate on the move, painting, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided detailed information, applied , 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 sound nice?
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!