The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little question that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to fill out a simple loan app and receive a great loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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? 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 Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655 can start to save you money. You will supply details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. We will go over all this information and will give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time 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: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you don't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! 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 Community Trust Lending Team at Norcom Mortgage-NMLS ID#71655 at (203) 526-9345. It's our job to answer lending questions, so we're happy to help!