How the Loan Process Works
There can be little question that getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a loan in a single day by filling out a simple application. But Coleman Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 step is where Coleman Mortgage Company can start to save you money. You will supply details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your real estate agent, we find the best program for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your closing date. Since you don't have to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Coleman Mortgage Company at 972-932-9083. Coleman Mortgage Company answers loan process questions every day.