The Four Steps of the Loan Process:The Loan Process: Four Steps
There's no question ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could complete a one-page loan app 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.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
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? 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: pre-qualify for your loan
This is where Financial Edge Mortgage Corp. can begin to save you money. You will provide information about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. 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 picking out your new home, we're busy researching the loan that's right for you.
Once you've made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we'll 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. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Since you will not have to worry about these details, you get to think about moving, painting, carpet, and the details involved in getting your new home.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Financial Edge Mortgage Corp. at 425-508-9988. It's our job to answer lending questions, so we're happy to help!