The Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to complete a simple loan app and get an excellent loan funded the same day. But Financial Edge Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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: complete a pre-qualification
This is where the rubber meets the road and Financial Edge Mortgage Corp. can really save you money. You will supply details on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are finding the best loan for you.
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply 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 an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your date of closing. Because you don't need to worry with this coordination, you get to think about moving, painting, carpet, and all the details of getting a new home.
You've answered some few questions, provided detailed information, applied online, and before you know it, you are moving in! Financial Edge Mortgage Corp. is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Financial Edge Mortgage Corp. at 425-508-9988. We answer questions about the loan process every day.