The Mortgage Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be visiting our website if you could complete a simple application and get the best loan check cut the same 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 important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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 abount 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: complete a pre-qualification
This is where Innovative Mortgage Services Inc. can start to save you money. You will provide details about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton 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 shopping for the home that's right for you, we're busy finding the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe work with with the title company to set your date to close. Since you will not have to worry about these details, you can concentrate on moving, paint colors, carpet, and all the details of moving into your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Innovative Mortgage Services Inc. is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Innovative Mortgage Services Inc. at (727) 527-1454. It's our job to answer lending questions, so we're happy to help!