How the Loan Process Works
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in one day by filling out a simple application. But F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) 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 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? 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: pre-qualify for your loan
This step is where F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) will start to save you money. You will provide info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). When we review this info we will provide a letter of pre-qualification. Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Because you will not need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving in! F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call F&T Mortgage, Inc. NMLS # 168839 (www.nmlsconsumeraccess.org) at 214-300-8756. It's our job to answer lending questions, so we're happy to help!