An Overview of the Mortgage Loan Process
Looking for a mortgage loan? We'll be glad to answer your questions about our mortgage offerings! Give us a call at 972-334-0566. Ready to get started? Apply Here
No doubt, a lot to do in order to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. But Guaranty Federal Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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 process really begins and Guaranty Federal Mortgage can really save you money. You will provide details on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are researching the loan that best fits your needs.
After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will require are available, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Since you will not need to worry with this coordination, you get to 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 , and before you know it, you're moving in! We do 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 Guaranty Federal Mortgage at 972-334-0566. Guaranty Federal Mortgage answers loan process questions every day.