The Mortgage Loan Process: an Overview
There can be little question that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a one-page loan app and receive an excellent loan check cut in one day. But Firelight Mortgage Consultants does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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. 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 Firelight Mortgage Consultants can really save you money. You will supply info about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. We'll go over this info and will give you a letter of pre-qualification. Your agent should use your 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 shopping for the home that's right for you, we're busy finding the loan program that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; 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: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Because you don't need to worry with this coordination, you can think about moving logistics, painting, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! Firelight Mortgage Consultants is in the business of loans; you're not — so we 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.