How the Loan Process Works

There's little doubt that getting a mortgage is a complex process. You wouldn't be visiting our site if you could complete a simple loan app and get a great loan funded the same day. But F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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: complete a pre-qualification

This is where the rubber meets the road and F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can really save you money. You will provide details about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

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 do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Since you won't have to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into a new house.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We do the mortgage legwork so you can spend your time 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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