The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little question ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage 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 main steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 Contemporary Mortgage Services, Inc can really save you money. You will give us info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). When we review all this info we give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we're busy finding the loan that's right for your situation.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you will not have to worry with this coordination, you can think about moving, paint colors, carpet, and all the details of getting a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding your new home.
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.