The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little doubt ; getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a 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. 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. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This step is where Contemporary Mortgage Services, Inc will begin to save you money. You will provide information about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. When we review all this info we provide a letter of pre-qualification. Be careful with this letter — it can be 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 picking out your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply any time right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Since you will not need to coordinate this process, you can concentrate on the move, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, given us lots of information, applied , 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 do the work. Makes sense, doesn't it??
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!