How the Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. We do most of 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 step is where First Southeast Mortgage Corporation will start to save you money. You will supply details on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan program that's right for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you won't have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! First Southeast Mortgage Corporation is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call First Southeast Mortgage Corporation at 954.920.9799. It's our job to answer lending questions, so we're happy to help!