The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There's quite a lot to do when you get a mortgage loan. You wouldn't be here on our site if you could complete a simple loan application and get the best loan check cut the same day. But Coleman Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major steps.

Step one: Decide on your maximum loan amount

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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we have reviewed this info we give you a letter of pre-qualification. Handle it with care — it is a great tool when you make your offer! Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you won't need to coordinate this process, you can think about the move, paint colors, carpet, and all the details of moving into a new home.

You've answered some few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! Coleman Mortgage Company is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call Coleman Mortgage Company at 972-932-9083. We answer questions about the loan process every day.


English Spanish