About the Mortgage Loan Process
There's no question ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive an excellent loan funded in one day. But SoFlo:AM does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: determine how much you can borrow
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? 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 step is where SoFlo:AM can start saving you money. You will supply details about your current job, your assets, and your 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've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful 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 your new home, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, 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 date to close. Because you don't need to worry with this coordination, you can think about moving logistics, paint colors, carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! SoFlo:AM is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call SoFlo:AM at 954-375-7774. It's our job to answer lending questions, so we're happy to help!