An Overview of the Loan Process
There's a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. But Financial Edge Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where Financial Edge Mortgage Corp. can start saving you money. You will provide details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we have reviewed all this info we will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your real estate agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent 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 coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date of closing. Because you won't need to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Financial Edge Mortgage Corp. at 425-508-9988. It's our job to answer lending questions, so we're happy to help!