An Overview of the Loan Process
There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and receive a great loan check cut the same day. But Contemporary Mortgage Services, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
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? 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 step is where Contemporary Mortgage Services, Inc will start saving you money. You will provide information on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review this information we provide a pre-qualification letter. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home, we're busy finding the loan program that's right for your situation.
After you've signed the offer and the sellers accept it, you should apply for the loan. It's very easy, 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
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Since you don't have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! Contemporary Mortgage Services, Inc is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Contemporary Mortgage Services, Inc at 407-834-3377. Contemporary Mortgage Services, Inc answers loan process questions every day.