Getting A Mortgage Loan

Bancorp South

Tonya Kirkwood
Email Tonya
Phone: 731-414-3571
Simmons Bank
 LeFevre Taylor
Email Darnessa
Phone: 731-984-6308
Cell - 731-695-6566
NMLS# 424237
Franklin American 
Mortgage Company

David Ross
Email David
Phone: 731-660-4550
Leaders Credit

Kelli Bryan & Kay Carroll
Email Kelli & Kay

Generally, there are two types of loan qualifications, and those are “pre-qualification” and “pre-approval”. A pre-qualification is a basic snapshot of your history that lets the lender and real estate agent know that you’re able to indeed get a loan before you start the process of searching for a home. After you’ve found a home you’re interested in putting an offer on, you should consider getting a pre-approval so that you may gain an upper edge on other potential buyers that haven’t procured one yet. Additionally, getting a pre-approval is like saying you’re approved for a specific loan amount and once the offer is accepted, you’re already on the way to closing your loan application.

In today’s market, it is extremely important to figure out your future goals with the home you plan on purchasing. Do you plan on living in the home until you retire? Is this a starter home that you plan on purchasing as an investment, then moving out shortly after? A lender that understands your interests and future ambitions will be able to help you determine which rates, fees, and points will work best for your situation, and help you decide which loan program will work best for your needs.

During the loan approval, it’s important that you abide by strict guidelines so as not to hinder your chances of getting approved. Review your loan application completely, and verify that your credit history, employment history, assets, property value, and any additional information are accurate. Talk with your lender prior to making any major purchases because more debt can likely affect your loan application negatively. If you’re planning on being out of town, make sure that you’ve carried out the power of attorney so that someone can sign the papers in your absence.

During the close of the loan, and after everything has been approved, you’ll want to double check that the interest rate and loan terms match your previous discussions with the lender. Bring a cashiers check with you during this final stage to pay any unpaid closing costs associated with your loan. If you have any questions about the loan process please feel free to contact one of the lenders below.

Norman & Tami Reid & David Nelson
Norman & Tami Reid & David Nelson