The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. 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 home loan involves four major steps.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This step is where Firelight Mortgage Consultants will start saving you money. You will give us details about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Since you don't need to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and all the details of moving into your new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Firelight Mortgage Consultants at 3032282254. Firelight Mortgage Consultants answers loan process questions every day.