The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one day with 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 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? 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: complete a pre-qualification
This is where the process really begins and Town & Country Home Loans, Inc. can really save you money. You will give us details on your employment, 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 (only after you give your permission. After we have gone over all this info we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are looking for the best loan for you.
Step three: apply for your loan
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it 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 find an escrow/title company to handle the funding of your loan. 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 everything at this company's officeWe do all the work to work with with the title company to set your date to close. Since you won't have to coordinate this process, you can concentrate on moving, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! Town & Country Home Loans, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?