How the Mortgage Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a loan in one 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.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
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. 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 step is where Financial Edge Mortgage Corp. can start to save you money. You will provide information on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy researching the loan that's just right for your unique situation.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be 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 will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Since you won't have to coordinate this process, you can concentrate on moving, painting, carpet, and all the details of moving into your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Financial Edge Mortgage Corp. is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
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.