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

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There can be little question ; getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. But TLC Financial Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: Decide on your maximum loan amount

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? 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 step is where TLC Financial Services can begin saving you money. You will supply info about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! 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 shopping for a new home with your agent, we find the best program for you.

Step three: apply for your loan

After you've made an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date of closing. Since you will not need to worry with this coordination, you get to think about moving, if you're going to repaint, carpet, and the fun parts of moving into a new house.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We do the mortgage legwork so you can spend your time finding your new home.

Have questions about the loan process? Call TLC Financial Services at 562-818-3502. We answer questions about the loan process every day.