The Loan Process: an Overview
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No doubt, a lot to do in order to get a mortgage. You wouldn't be here on our website if you could complete a simple application and get the best loan funded in one day. But Twenty First Century Mortgage Services, 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 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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This step is where Twenty First Century Mortgage Services, Inc. can begin to save you money. You will give us info on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll give you a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent will likely use your 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 deciding on the home that's right for you, we're busy finding the loan program that's right for you.
Once you've made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. 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 their officeWe coordinate with the title company on your date to close. Because you don't have to worry about these details, you can concentrate on moving, paint colors, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Twenty First Century Mortgage Services, Inc. at 727-392-4227. Twenty First Century Mortgage Services, Inc. answers loan process questions every day.