The Mortgage Loan Process: an Overview
No doubt, a lot to do in oder to get a residential mortgage loan. You wouldn't be visiting our website if it were possible to complete a one-page application and receive a great loan funded the same 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 primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum mortgage loan amount
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? 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. 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 mortgage loan
This is where First Home Equity Loans will start saving you money. You will supply details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Step three: Apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: Funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender requires are available, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date of closing. Because you don't need to worry with this coordination, you get to think about the move, paint colors, new carpet, and the details involved in moving into your new house.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! First Home Equity Loans is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call First Home Equity Loans at 864-438-4550. First Home Equity Loans answers loan process questions every day.