How the Mortgage Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. We do most of 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 primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: complete a pre-qualification
This step is where SoFlo:AM will start saving you money. You will give us details on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we have reviewed this info we will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure 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 on your date of closing. Since you don't have to worry about these details, you can think about the move, paint colors, carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! SoFlo:AM is a mortgage specialist; 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. We answer questions about the loan process every day.