An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be visiting our website if you could complete a simple application and receive an excellent loan funded the same day. 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 steps.
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? 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 is where the rubber meets the road and you save the most money. You will give us info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this info we give you a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be 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: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date to close. Because you will not need to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
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 in the business of mortgage loans; you're not — so we do the work. 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.