The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no question ; getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. But Taurus Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the rubber meets the road and Taurus Mortgage Corporation can really save you money. You will provide details on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we have reviewed all this info we will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out 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 signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all 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 date of closing. Because you won't have to worry with this coordination, you can think about the move, if you're going to repaint, 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 are moving in! Taurus Mortgage Corporation is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Taurus Mortgage Corporation at (877) 682-8787. It's our job to answer lending questions, so we're happy to help!