How the Loan Process Works
No doubt, a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the rubber meets the road and Financial Edge Mortgage Corp. can really save you money. You will provide info on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan that's right for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your date to close. Because you don't have to coordinate this process, you can concentrate on moving, painting, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are moving in! We take care of all the loan details 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. Financial Edge Mortgage Corp. answers loan process questions every day.