The Mortgage Loan Process: an Overview
There's no doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. 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: Decide on your maximum loan amount
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This step is where Firelight Mortgage Consultants can start to save you money. You will provide info on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll review this info and give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent will 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 deciding on your new home, we are researching the best loan program for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Since you won't need to worry about these details, you get to think about the move, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you're 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 7209331025. It's our job to answer lending questions, so we're happy to help!