An Overview of the Loan Process
There is little question that getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could fill out a one-page loan app and get the best loan funded the same day. But Town & Country Home Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple questions. 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 step is where Town & Country Home Loans, Inc. will start saving you money. You will supply details about your employment, your assets, and 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 all this info we provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will use your pre-qual (as they may call it) 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 you.
Step three: apply for your loan
After you've made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Because you will not have to worry with this coordination, you can concentrate on moving logistics, painting, 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'll be moving! We take care of the legwork so you can spend your time finding the new home that's right for you.