An Overview of the Mortgage Loan Process
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our site if you could complete a one-page application and receive the best loan check cut in one 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.
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? 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. 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 you save the most money. You will supply information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we have gone over this info we will provide a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan program that's right for your situation.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer 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 find an escrow/title company to handle 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 avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you won't need to worry with this coordination, you can think about moving, painting, carpet, and all the details of moving into a new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
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.