The Loan Process: an Overview
There can be no question that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a one-page application and get the best loan funded in one 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 primary steps involved in obtaining a loan.
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? 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 the rubber meets the road and you save the most money. You will supply information about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review this info we will give you a pre-qualification letter. Be careful with this letter — 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 shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Because you won't have to worry about these details, you get to think about moving, painting, new carpet, and all the details of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you're moving in! We take care of the loan details so you can focus on finding the new home that's right for you.