The Loan Process: an Overview
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Town & Country Home Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply details about your current job, your assets, and residence history. You'll provide 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. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® should 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
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply any time right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Because you don't need to coordinate this process, you can think about moving logistics, paint colors, new carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! We take care of all the loan details so you can spend your time finding your new home.