How the Mortgage Loan Process Works

There's no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive the best loan check cut 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.

There are four important steps involved in obtaining a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: complete a pre-qualification

This is where Firelight Mortgage Consultants will begin to save you money. You will give us information about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We'll go over all this info then will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's right for your situation.

Step three: apply now! We make it easy

Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply 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 work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Because you will not have to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting your new house.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Firelight Mortgage Consultants at 3032282254. Firelight Mortgage Consultants answers loan process questions every day.