About the Mortgage Loan Process
Looking for a mortgage loan? We'd be thrilled to answer your questions about your mortgage needs! Give us a call today at (727) 259-2900. Ready to begin? Apply Online Now
Make no mistake, there's a lot involved when you get a mortgage. It's much more complicated than it was even 10 years ago. But, don't stress, the team at Clearwater Mortgage (Company NMLS# 921372) is here to help you every step of the way.
If it were possible to complete a simple loan app online and get your funds the same day, you wouldn't need our help.
But that's not the case. There is quite a bit of paperwork to fill out and information to gather, review and verify.
We'll guide you through the process, gather all the information needed, and get you into your new home or get your refinance complete quickly.
Getting a mortgage loan involves four major steps.
Step 1: Get Pre-Qualification
To find out what you might qualify for, we'll need some information from you first. We'll ask you to provide us with details about your employment, income, and assets.
We'll also have you complete a loan application and get your permission to pull your credit score and report.
After we've reviewed your information, we'll give you a pre-qualification letter. Handle it with care - it is a great tool when you make your offer!
Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout!
Step 2: See How Much You Can Afford
While you're shopping for a new home, we are looking for the loan that best fits your needs. Because Clearwater Mortgage (Company NMLS# 921372) is a broker, we have access to many lenders and loan programs. So we will be looking for the best deal and rate for you. This will save you money.
We're happy to help you and go over your options. Here are a few things to take into consideration:
- How much of a monthly payment can you afford?
- How much will a lender lend you?
- What size of a loan would you feel comfortable with?
Every borrower has a unique set of circumstances that the lender considers. They will review your credit and employment history along with your income, assets, debts, and available down payment.
Feel free to use the calculators on our website to determine your monthly payment amount, or ask for our help. We can guide you to the right loan amount and the 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 3: Get Your Conditional Approval
Once you have made an offer and it's been accepted, it's time to gather any additional information the lender may require. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
During this process, the lender and underwriter may ask for clarification on your application and documentation. These could be additional questions on income, assets, credit, or funds to close. We will be helping you throughout this process.
Step 4: Your Loan is Approved & Funded
Once your loan is approved, the seller normally typically picks a title company for the closing. That title company will also handle the funding of your loan.
We'll coordinate with the title company to make sure all the papers your lender requires are available. And, you will likely sign everything at this company's office.
We will work with this company to set your date of closing. Since you won't need to worry about this coordination, you can concentrate on the move, painting, carpet, and the details involved in getting a new house.
Have questions about the loan process? Call Clearwater Mortgage (Company NMLS# 921372) at (727) 259-2900. We answer questions about the loan process every day.