How the Loan Process Works
There's little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to complete a simple mortgage application and get the best 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 milestones.
Step one: Decide on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 the process really begins and F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can really save you money. You will give us information on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). When we review all this info we give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you won't need to worry with this coordination, you can think about moving logistics, paint colors, carpet, and the details involved in getting your new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
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.