About the Mortgage Loan Process
There's little question ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a simple loan app and receive a great loan funded in one day. 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 obtaining a loan.
Step one: Decide how much you can afford
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? 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. 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 is where the process really begins and Contemporary Mortgage Services, Inc can really save you money. You will supply information on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we're busy finding the loan program that's just right for your situation.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Since you won't need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! Contemporary Mortgage Services, Inc is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Contemporary Mortgage Services, Inc at 407-834-3377. We answer questions about the loan process every day.