The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved in oder to get a mortgage. You would not be looking up loan information if you could get a loan in one day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can begin saving you money. You will provide info about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. When we review this info we provide a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Since you will not need to worry with this coordination, you can concentrate on moving, painting, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) at 214-300-8756. It's our job to answer lending questions, so we're happy to help!