The Mortgage Loan Process: an Overview
|Shopping for a mortgage loan? We will be glad to assist you! Call us at 352-516-9884. Ready to begin? Apply Here.|
There's little question that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page application and get the best loan funded in one day. But Mortgage Financial Group, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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 amount using the calculators on our website. Please keep in mind even the best mortgage calculators do not accurately account for private mortgage insurance. We can guide you to the right loan amount and best program for you when you answer a few 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 step is where Mortgage Financial Group, Inc can start saving you money. You will supply details on your employment, 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 have gone over all this info we provide a pre-qualification letter. Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. 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 coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe work with with this company on your date of closing. Because you won't have to worry about these details, you get to think about moving logistics, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.