The Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be here on our site if it were possible to fill out a one-page mortgage application and get the best loan check cut 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 home 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? 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 is where the rubber meets the road and you save the most money. You will provide details about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We will go over all this information then will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.
Once you have made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a 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 needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your closing date. Because you don't have to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Firelight Mortgage Consultants is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Firelight Mortgage Consultants at 7209331025. It's our job to answer lending questions, so we're happy to help!