How the Loan Process Works
There's quite a lot to do when you get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple mortgage application and get an excellent loan check cut the same day. We do most of 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. 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 step is where Financial Edge Mortgage Corp. can start saving you money. You will supply info on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Because you won't have to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! Financial Edge Mortgage Corp. is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
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.