How the loan process works
An Overview of the Loan Process
Shopping for a mortgage? We'd be thrilled to answer your questions about our many mortgage solutions! Call us at (626) 791-4300. Ready to begin? Apply Now.
There can be no doubt that getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. But Franklin Loan Center does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
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? 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. 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 Franklin Loan Center can really save you money. You will provide info on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide a pre-qualification letter. Handle it with care — it is a useful
tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online. right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are available, and you will probably>likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Because you don't need to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving! Franklin Loan Center is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Franklin Loan Center at (626) 791-4300. We answer questions about the loan process every day.Source: www.flchomeloans.com