The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day with 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.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This step is where Contemporary Mortgage Services, Inc will begin to save you money. You will supply information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We will review this information then will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's just right for your unique situation.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Because you won't have to worry with this coordination, you get to think about the move, painting, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! Contemporary Mortgage Services, Inc is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
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!