If you are like most people, you are probably not looking forward to the task of applying for a mortgage loan. You may have even experienced the process before and found it to be time-consuming and frustrating, or have heard about problems that others have encountered. It shouldn’t be a daunting process and at Marimark Mortgage we strive to make your experience stress free, so you can focus on the best part – moving into your new home, or enjoying the extra money you’re saving by re-financing!
There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.
Step one: How much money can you borrow?
This will be determined by a few things. First, we’ll look at how much monthly payment is comfortable for you. Then we’ll try to determine how much a lender will be willing to lend you. That will be based on several things, such as your credit history, employment, and other current obligations. You can start to get a feel for how much your monthly payments will be by using some of the tools on our website. Or feel free to contact us and speak to one of our loan consultants who will be happy to assist you through the process. We'll help you through different scenarios by asking a few simple 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: The pre-qualification
In order to get a pre-qualification letter, you will be requested to supply some basic information about yourself. This might include information about your employment, residence history, assets, and other obligations. At this time we will also ask you if we can pull your credit history. Once we review this information we'll provde you a letter indicating how much you should qualify for. This letter is very important in shopping for your new home, as it lets the seller know that you are a serious buyer who is ready and able to purchase their home.
Step three: Completing the loan application
The next step is completing the loan application. A lot of the information has already been obtained in the pre-qualification process, so this part is easy. You can either complete the application on line - right here on the website, or you can contact your loan consultant who will walk through the application with you. If you choose to complete it on line, you will set up a personal account with your own log-in id. This way you can come back to the website to check on the status of your application at any time.
Step four: Closing the loan
Depending on what is decided between you and the seller, one of you will choose a title company to handle the funding of your loan. We'll work closely with the title company selected to ensure that the documents are complete and ready for you to sign on the closing day.
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?
5327 Primrose Lake Circle Tampa, FL 33647-1328 Phone: Toll Free Phone: Fax:
What is involved in getting a loan.