How the Loan Process Works
There's a lot involved when you get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple loan app and receive a great loan funded in one day. But Financial Edge Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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: pre-qualify for your loan
This is where the process really begins and Financial Edge Mortgage Corp. can really save you money. You will give us info on your employment, your assets, and your 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. We will go over this info then provide a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your agent, we find the best program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. At the end of this step, we'll 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 handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Because you don't have to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving! Financial Edge Mortgage Corp. is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Financial Edge Mortgage Corp. at 425-508-9988. We answer questions about the loan process every day.