The Loan Process: an Overview
There's a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. But Financial Edge Mortgage Corp. 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: 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 rubber meets the road and you save the most money. You will provide details about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll review this info then will provide a letter of pre-qualification. Your real estate agent will 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 looking for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Because you don't need to coordinate this process, you get to concentrate on the move, paint colors, new carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Financial Edge Mortgage Corp. at 425-508-9988. Financial Edge Mortgage Corp. answers loan process questions every day.