The Loan Process: an Overview
There is little question that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a simple loan app and receive a great loan check cut in one day. But My FL Home Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a 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? 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. 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: complete a pre-qualification
This is where the process really begins and My FL Home Loans, Inc. can really save you money. You will give us information about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date of closing. Since you will not need to worry with this coordination, you can concentrate on moving logistics, painting, carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call My FL Home Loans, Inc. at (727) 743-1620. We answer questions about the loan process every day.