An Overview of the Loan Process
Shopping for a mortgage loan? We'll be glad to answer your questions about our mortgage offerings! Call us at (214) 317-4272. Want to get started? Apply Now
There's quite a lot to do when you get a mortgage. You wouldn't be visiting our website if it were possible to complete a simple loan app and get a great loan check cut in one day. But Kota Realty & Mortgage Services, 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 how much you can afford
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? 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 step is where Kota Realty & Mortgage Services, Inc can start to save you money. You will supply info on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! Your agent should 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! While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender will require are available, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Since you will not have to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Kota Realty & Mortgage Services, Inc is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Kota Realty & Mortgage Services, Inc at (214) 317-4272. We answer questions about the loan process every day.