How the Mortgage Loan Process Works
There is no doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in one day by filling out 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 loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 saving you money. You will provide info on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have reviewed all this info we give you a letter of pre-qualification. Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.
Once you've made an 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. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Because you will not need to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are moving in! First Southeast Mortgage Corporation is in the business of loans; you're not — so we do the work. 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!