The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little doubt ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to complete a one-page loan app and get an excellent loan funded in one 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 milestones.
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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This step is where Firelight Mortgage Consultants can begin saving you money. You will provide information about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. 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 picking out your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The real estate 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 make sure all the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your date to close. Since you won't have to worry about these details, you get to concentrate on moving, painting, new carpet, and all the details of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Firelight Mortgage Consultants at 3032282254. It's our job to answer lending questions, so we're happy to help!