The Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in one day with a simple application. 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 primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This is where First Southeast Mortgage Corporation can begin to save you money. You will supply information about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan that's just right for your situation.
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Since you will not need to coordinate this process, you can think about moving logistics, painting, new carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! First Southeast Mortgage Corporation is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
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!