The Loan Process: an Overview
Shopping for a mortgage? We can assist you! Call us at (407) 294-4707. Ready to get started? Apply Now
There's a lot to do in order to get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple loan app and receive a great loan funded 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: 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 amount 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 questions. 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: complete a pre-qualification
This is where Mortgage Solutions of Central Florida, Inc. can start to save you money. You will provide info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we have gone over this info we will provide a pre-qualification letter. Your real estate 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 right for your situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier--your mortgage professional will work with you to get the process moving forward.
Step four: your loan is funded
Your REALTOR® and the seller's will work together 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 needs are available, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date to close. Since you don't need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Mortgage Solutions of Central Florida, Inc. at (407) 294-4707. Mortgage Solutions of Central Florida, Inc. answers loan process questions every day.