How the Mortgage Loan Process Works
There's little question that getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page mortgage application and get an excellent loan check cut 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.
There are four main 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? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 step is where F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can start to save you money. You will give us info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan program that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Because you will not need to worry about these details, you can think about moving, painting, new carpet, and the fun parts of getting your new house.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you're moving 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. F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) answers loan process questions every day.