How the Loan Process Works
There's little doubt ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Innovative Mortgage Services Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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. 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 Innovative Mortgage Services Inc. will start saving you money. You will provide info on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, 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
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work 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 this company's officeWe do all the work to work with with this company to set your closing date. Since you won't have to coordinate this process, you can think about moving, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! Innovative Mortgage Services Inc. 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 Innovative Mortgage Services Inc. at (727) 527-1454. We answer questions about the loan process every day.