Hard Money Lenders in TexasThe Mortgage Loan Process: an Overview
In the market for a mortgage loan? We'll be glad to discuss your mortgage needs! Give us a call at (214) 490-7570. Ready to get started? Apply Now
Make no mistake, there's a lot to do when you get a mortgage loan. You would not be looking up loan information if you could get a loan in one day with a simple application. But Financial One Mortgage™ 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 mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment amount using the calculators on our website. 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 Financial One Mortgage™ will begin to save you money. You will provide info 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've reviewed this information, we'll provide a pre-qualification letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your agent, we find the best program for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to 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, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! Financial One Mortgage™ is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Financial One Mortgage™ at (214) 490-7570. It's our job to answer lending questions, so we're happy to help!