The Mortgage Loan Process: an Overview

	Searching for a mortgage loan? We will be glad to assist you! Give us a call today at 954-359-3000. Want to get started? Apply Here.

There's no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page loan app and get a great loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four primary steps involved in obtaining a loan.

Step one: Decide how much you can afford

This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment amount using the calculators on our website. 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 the process really begins and you save the most money. You will provide information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your agent will likely 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 picking out your new home, we're busy finding the loan program that's right for your situation.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Since you will not need to worry about these details, you can think about the move, paint colors, carpet, and all the details of moving into your new house.

You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Florida State Mortgage Group, Inc. at 954-359-3000. We answer questions about the loan process every day.