How the Mortgage Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. But SoFlo:AM does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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 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: pre-qualify for your loan
This is where the rubber meets the road and SoFlo:AM can really save you money. You will give us info about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll go over this info then provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! 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 picking out your new home, we are finding the best loan for you.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you will not have to worry about these details, you can think about moving, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! SoFlo:AM is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call SoFlo:AM at 954-375-7774. We answer questions about the loan process every day.