The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage loan. You would not be looking up loan information if you could get a loan in a single 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 primary steps involved in getting a 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? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification
This is where the process really begins and First Southeast Mortgage Corporation can really save you money. You will give us info on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan that's right for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new 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 of the sale. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you won't need to worry about these details, you can think about moving logistics, painting, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! First Southeast Mortgage Corporation is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call First Southeast Mortgage Corporation at 954.920.9799. We answer questions about the loan process every day.