The Mortgage Loan Process: an Overview
No doubt, a lot involved when you get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a one-page application and get a great loan check cut in one day. 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 important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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? 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. 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 can begin to save you money. You will provide details about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will review this info and will give you a letter of pre-qualification. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are finding 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. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Because you won't need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! We do 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!