How the Loan Process Works
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with a simple application. 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.
Getting a loan involves four major milestones.
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. 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 Town & Country Home Loans, Inc. can start to save you money. You will give us info on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply for your loan
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we will order the 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 take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you don't need to worry about these details, you get to think about moving, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! Town & Country Home Loans, Inc. is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?