The Four Steps of the Loan Process:The Loan Process: Four Steps

There's little doubt that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if you could get a loan in one day by filling out 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 milestones.

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? 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 loan

This step is where My FL Home Loans, Inc. can start to save you money. You will supply details on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We'll review this information then provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's just right for your situation.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Because you don't have to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into your new house.

You've answered some few questions, given us detailed information, applied , and the next thing you know, you're moving in! My FL Home Loans, Inc. is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?

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.

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