How the Mortgage Loan Process Works
There's little question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans 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.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 rubber meets the road and you save the most money. You will supply information about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have reviewed this information we will give you a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house 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, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on 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 requires are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date to close. Since you won't have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be 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. Contemporary Mortgage Services, Inc answers loan process questions every day.