An Overview of the Mortgage Loan Process
There can be little question that getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This step is where First Southeast Mortgage Corporation can begin to save you money. You will supply info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's just right for your situation.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe work with with this company to set your date to close. Because you don't need to worry about these details, you get to concentrate on moving, paint colors, new carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We do the legwork so you can spend your time finding your new home.
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!