The Mortgage Loan Process: an Overview

There can be little question that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple loan app and get the best loan check cut 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 important steps involved in obtaining 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? 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 the process really begins and Innovative Mortgage Services Inc. can really save you money. You will provide information on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we have gone over this information we will give you a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we're busy researching the loan program that's right for your situation.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your closing date. Because you will not need to coordinate this process, you get to think about moving logistics, if you're going to repaint, carpet, and all the details of moving into a new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! Innovative Mortgage Services Inc. is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Innovative Mortgage Services Inc. at (727) 527-1454. We answer questions about the loan process every day.

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