How the Mortgage Loan Process Works

There is no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our website if you could fill out a one-page loan application and receive an excellent 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 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? 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: pre-qualify for your loan

This step is where Contemporary Mortgage Services, Inc will begin to save you money. You will give us information about your employment, your assets, and your residence history. You'll provide 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 go over all this info then will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. At the end of this step, we will order an appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Since you won't need to coordinate this process, you can concentrate on moving logistics, painting, carpet, and all the details of moving into your new house.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Contemporary Mortgage Services, Inc at 407-834-3377. We answer questions about the loan process every day.

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