The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in one day by filling out a simple application. But Financial Freedom Solutions, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage loan involves four major milestones.

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 quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: complete a pre-qualification

This is where Financial Freedom Solutions, Inc. will start to save you money. You will give us details on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply now! We make it easy

After 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 website. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Since you won't need to worry about these details, you get to think about moving logistics, painting, carpet, and the fun parts of getting your new home.

You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call Financial Freedom Solutions, Inc. at 6269182419. We answer questions about the loan process every day.

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101 N Citrus Ave Ste 1C
Covina, CA 91724