The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little question ; getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page application and receive the best loan check cut 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.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 Town & Country Home Loans, Inc. can really save you money. You will provide info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We'll go over all this information and will give you a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! 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 picking out the home that's right for you, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date to close. Since you will not have to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! Town & Country Home Loans, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?