The Mortgage Loan Process: an Overview

There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could complete a simple mortgage application and get a great loan check cut the same day. We do 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 primary steps involved in obtaining a mortgage loan.

Step one: determine how much you can borrow

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

This is where F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) can start to save you money. You will supply info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). When we review all this information we will provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! Your agent will likely use your 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 shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to decide on 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 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 this company on your date of closing. Because you won't need to coordinate this process, you get to concentrate on the move, if you're going to repaint, carpet, and all the details of moving into your new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of the mortgage 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. F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) answers loan process questions every day.