The Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be visiting our site if you could complete a simple loan app and receive the best loan check cut in one day. But Financial Edge Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply info on your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply any time right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. 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 their officeWe do all the work to work with with the title company on your date to close. Because you won't need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you're moving in! We take care of all the loan details 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. It's our job to answer lending questions, so we're happy to help!