An Overview of the Mortgage Loan Process
There can be little doubt that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage 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: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 step is where First Southeast Mortgage Corporation can begin saving you money. You will provide details on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We'll go over this info then will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are looking for the best loan program for you.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your closing date. Since you don't have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, 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're moving! First Southeast Mortgage Corporation is a mortgage specialist; you're not — so take care of the details. 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!