The Loan Process: Four Steps
Make no mistake, there's a lot involved in order to get a mortgage loan. You wouldn't be here on our website if you could fill out a simple loan application and get an excellent loan funded in one day. But Garrett Farnsworth Accelerated Lending Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Determine how much you can borrow
This is a function of a couple things. 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. 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 Garrett Farnsworth Accelerated Lending Source will begin to save you money. You will provide information on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! Your agent should use the pre-qual (as they may call it) 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.
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't be much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step Four: Funding
Your Realtor® and the sellers will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are available, and you will probably sign all these papers at this company's office. We will work with the title company on your closing date. Because you will not have to coordinate this process, you can think about moving, if you're going to repaint, carpet, and all the details of moving into a new house.
Once you've answered a few questions, given us lots of information, and applied, you'll be moving in before you know it! Garrett Farnsworth Accelerated Lending Source is a mortgage specialist; you're not — so let the experts do the work. Doesn't that sound nice?