An Overview of the Loan Process
There can be little doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage 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 mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where SoFlo:AM can start saving you money. You will give us details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. When we review all this information we will give you a pre-qualification letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Because you won't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you are moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call SoFlo:AM at 954-375-7774. We answer questions about the loan process every day.