The Mortgage Loan Process: an Overview
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our website if you could complete a simple application and receive the best loan check cut the same day. But Firelight Mortgage Consultants does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the rubber meets the road and you save the most money. You will give us information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We'll review this information and provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! 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 are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company on your closing date. Since you won't have to coordinate this process, you can concentrate on the move, paint colors, 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 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 3032282254. It's our job to answer lending questions, so we're happy to help!