The Four Steps of the Loan Process:The Loan Process: Four Steps
There's little question that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. 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 how much you can afford
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This step is where Contemporary Mortgage Services, Inc will start to save you money. You will supply details on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We will go over all this information then provide a letter of pre-qualification. Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's just right for you.
Once you have 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 website. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Because you don't have to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Contemporary Mortgage Services, Inc at 407-834-3377. We answer questions about the loan process every day.