The Mortgage Loan Process: An Overview
There's a lot involved in order to get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. But Inlet Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Decide how much you can afford
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? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step Two: Complete a pre-qualification
This is where Inlet Mortgage Corporation will begin to save you money. You will supply information about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review this info and will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are finding the best loan for you.
Step Three: Apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not 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'll order a professional appraisal on the home.
Step Four: Your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably sign all these papers at this company's office. We will coordinate with this company on your closing date. Since you will not have to worry about these details, you get to concentrate on moving, paint colors, new carpet, and the details involved in moving into your new house.
Once you've answered a few questions, provided lots of information, and applied online, you'll be ready to move sooner than you think! We take care of the loan details so you can spend your time finding your new home.