How the Mortgage Loan Process Works
There's quite a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could complete a one-page loan app and get a great loan funded the same day. But My FL Home Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the rubber meets the road and My FL Home Loans, Inc. can really save you money. You will supply information on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we are researching the best loan program for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Because you don't have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! My FL Home Loans, Inc. is a mortgage specialist; 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. It's our job to answer lending questions, so we're happy to help!