The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's a lot involved in oder to get a mortgage. You wouldn't be here on our site if you could fill out a simple application and receive a great loan funded in one day. But Coleman Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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 process really begins and you save the most money. You will supply info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on 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
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Because you will not have to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! Coleman Mortgage Company is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Coleman Mortgage Company at 972-932-9083. We answer questions about the loan process every day.