The Loan Mortgage Process: Four Steps
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There's quite a lot involved in order to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. But Founders Mortgage Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
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? You can get a good idea of your preferred payment amount 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: complete a pre-qualification
This step is where Founders Mortgage Inc can start saving you money. You will supply information about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will review all this information and will provide a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your agent, 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 could not get much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the sellers will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably sign all these papers at their office. We will coordinate with the title company on your closing date. Because you will not need to coordinate this process, you get to think about moving, paint colors, carpet, and all the details of getting a new home.
Once you've answered some few questions, provided lots of information, and applied, you'll be moving in before you know it! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Founders Mortgage Inc at 405-418-8545. It's our job to answer lending questions, so we're happy to help!