How the Mortgage Loan Process Works
Are you looking for a mortgage? We'll be glad to answer your questions about our many mortgage solutions! Call us at (972) 991-6115. Ready to get started?
Apply Online Now.
Make no mistake, there's a lot involved in order to get a mortgage loan. You wouldn't be here on our website if you could complete a simple loan app and get a great loan check cut in one day. But Texas Financial Resource Management, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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: pre-qualify for your loan
This step is where Texas Financial Resource Management, Inc will start to save you money. You will supply info on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run 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 is a great tool when you make your offer! Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's right for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender needs are available, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date of closing. Because you will not need to worry about these details, you get to concentrate on 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, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Texas Financial Resource Management, Inc at (972) 991-6115. Texas Financial Resource Management, Inc answers loan process questions every day.