How the Loan Process Works
Make no mistake, there's a lot involved in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. But First Southeast Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
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? 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. 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 First Southeast Mortgage Corporation will begin to save you money. You will provide information about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we have gone over this info we give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Because you won't need to worry about these details, you get to think about the move, paint colors, carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
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!