An Overview of the Mortgage Loan Process
There's no doubt that getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. But Flat Branch Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
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. 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 Flat Branch Home Loans will begin to save you money. You will supply details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you don't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! Flat Branch Home Loans is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Flat Branch Home Loans at 3173854768. Flat Branch Home Loans answers loan process questions every day.