The Mortgage Loan Process: an Overview

Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if you could fill out a one-page loan app and receive a great loan funded in one day. 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.

Getting a loan involves four major steps.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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: pre-qualify for your loan

This is where F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can begin to save you money. You will give us info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Because you don't need to worry about these details, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of the legwork so you can focus on finding your new home.

Have questions about the loan process? Call F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) at 214-300-8756. We answer questions about the loan process every day.



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