How the Mortgage Loan Process Works

There's a lot involved in order to get a mortgage. You wouldn't be here on our site if you could fill out a simple loan app and get an excellent loan check cut the same day. But Foxfield Financial does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification

This step is where Foxfield Financial will start saving you money. You will give us information about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply online right here on our site. Finally, we will order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Since you will not need to worry with this coordination, you get to concentrate on the move, if you're going to repaint, new carpet, and the fun parts of getting your new home.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! Foxfield Financial is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Foxfield Financial at 720-598-8300. Foxfield Financial answers loan process questions every day.

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