About the Mortgage Loan Process
There's little question ; getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the process really begins and you save the most money. You will provide information about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be 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 shopping for the home that's right for you, we are looking for the best loan for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you don't need to coordinate this process, you can think about moving, paint colors, new carpet, and the fun parts of getting your new house.
You've answered some few questions, given us detailed information, applied online, 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 we do the work. Doesn't that make sense?
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.