How the Mortgage Loan Process Works
Are you looking for a new mortgage? We will be glad to help! Give us a call today at (662) 429-5100 . Ready to get started? Apply Now
There's little question that getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Fairway Independent Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan. Check out our loan process video https://vimeo.com/138202719.
Getting a 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? 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 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 is where Fairway Independent Mortgage Corp can start to save you money. You will provide details about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. When we review all this information we provide a pre-qualification letter. Handle it with care — it is a useful 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 shopping for your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to 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 submitted your loan application, 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 work with this company to make sure all the papers your lender needs are available, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Since you will not have to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of getting 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 take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Fairway Independent Mortgage Corp at (662) 429-5100 . Fairway Independent Mortgage Corp answers loan process questions every day.