The Mortgage Loan Process: an Overview
There can be no doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Front Range Lending 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. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Front Range Lending can start to save you money. You will supply information on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have gone over all this information we provide a letter of pre-qualification. Your real estate agent will 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 shopping for a new home with your REALTOR™, we find the best program for you.
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date to close. Since you won't have to coordinate this process, you can concentrate on moving, paint colors, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! Front Range Lending is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Front Range Lending at 7202537070. We answer questions about the loan process every day.