About the Mortgage Loan Process
There is no question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in one 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.
There are four important 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? 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 current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). When we review this info we give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® 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 now! We make it easy
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with the title company on your date to close. Because you will not need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered a few questions, given us 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 we 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. We answer questions about the loan process every day.