The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot to do when you get a mortgage. You would not 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 primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This step is where Firelight Mortgage Consultants can start to save you money. You will provide information about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we are finding the loan that best fits your needs.
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply online right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Because you will not need to worry with this coordination, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into your new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! Firelight Mortgage Consultants is a mortgage specialist; you're not — so we take care of the details. 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.