How the Loan Process Works
There can be little doubt ; getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. 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 on your maximum loan amount
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? 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 is where F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) will start saving you money. You will provide info about your employment, your 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 (only after you give your permission. When we review all this information we give you a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are finding the loan that best fits your needs.
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Since you won't have to worry with this coordination, you get to concentrate on the move, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us detailed 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. F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) answers loan process questions every day.