The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is no question that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a one-page loan app and get a great loan check cut the same day. 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 primary steps involved in getting a loan.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This is where the process really begins and Contemporary Mortgage Services, Inc can really save you money. You will give us details about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work 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 coordinate with the title company on your date of closing. Because you won't need to worry with this coordination, you can concentrate on the move, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! Contemporary Mortgage Services, Inc is in the business of mortgage loans; you're not — so we do the work. 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.