An Overview of the Loan Process
There's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in one 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 primary steps involved in obtaining a mortgage loan.
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? 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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us info on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we have gone over all this information we provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
After you've made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Because you don't need to worry about these details, you can think about moving, paint colors, carpet, and the details involved in moving into your new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Financial Edge Mortgage Corp. at 425-508-9988. We answer questions about the loan process every day.