How the Loan Process Works

There is no doubt that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive the best loan funded in one day. But Contemporary Mortgage Services, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major steps.

Step one: Decide on your maximum loan amount

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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 rubber meets the road and Contemporary Mortgage Services, Inc can really save you money. You will provide info on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). We will review all this information then will give you a letter of pre-qualification. Be careful with this letter — it is 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 looking for a new home with your agent, we find the best program for you.

Step three: apply for your loan

After you've signed the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you don't need to worry about these details, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into a new home.

You've answered some few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of the 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. It's our job to answer lending questions, so we're happy to help!

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