How the Loan Process Works
Shopping for a mortgage loan? We can assist you! Call us at (786) 262-6486. Ready to get started? Read Below?
There can be no question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But Great Florida Lending, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a 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 questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
This is where the process really begins and Great Florida Lending, Inc can really save you money. You will give us info about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide you with a pre-qualification letter. Your REALTOR® should 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 house with your agent, we find the best program for you.
Step three: Apply for your loan.
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: Funding
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will need are available, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Since you will not have to coordinate this process, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Great Florida Lending, Inc at (786) 262-6486. Great Florida Lending, Inc answers loan process questions every day.