The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in a single day with 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.
There are four main steps involved in getting 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? 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. 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 step is where Firelight Mortgage Consultants will start to save you money. You will supply info on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we have gone over this information we provide a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, 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 handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your closing date. Because you don't need 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 some few questions, provided lots of information, applied , and Before you know it, you're moving! Firelight Mortgage Consultants is a mortgage specialist; 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. Firelight Mortgage Consultants answers loan process questions every day.