The Mortgage Loan Process: an Overview
Shopping for a mortgage loan? We can help! Call us at (512) 292-3494. Ready to get started? Apply Here
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: complete a pre-qualification
This step is where Cosatal Financial Group will start to save you money. You will supply details on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, 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 work together to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will require are available, and you'll probably}likely sign everything at their officeWe work with with the title company to set your date to close. Since you won't have to coordinate this process, you get to think about the move, painting, carpet, and all the details of moving into your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Cosatal Financial Group at (512) 292-3494. It's our job to answer lending questions, so we're happy to help!