The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Contemporary Mortgage Services, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
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? 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 you save the most money. You will give us details about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® should use the 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 picking out the home that's right for you, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you will not need to worry about these details, you can think about moving, painting, carpet, and all the details of getting your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
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!