The Loan Process: an Overview
There's no doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a simple mortgage application and receive the best loan funded in one 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 main steps involved in getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Financial Edge Mortgage Corp. will begin to save you money. You will give us info on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the best loan for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Since you will not need to worry about these details, you can concentrate on moving logistics, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! We take care of the mortgage legwork so you can spend your time finding your new home.
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.