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

There is no question that getting a mortgage is a complicated process. You wouldn't be visiting our site if you could complete a simple loan app and get the best loan check cut 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.

There are four main steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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: 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, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. When we review this information we give you a letter of pre-qualification. 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 shopping for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you won't need to worry with this coordination, you can think about the move, paint colors, new carpet, and the fun parts of moving into your new house.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of all 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.

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