The Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a one-page loan app and receive the best loan check cut in one day. 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.
There are four important steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 is where the rubber meets the road and First Southeast Mortgage Corporation can really save you money. You will give us info on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great 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 shopping for the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer 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 find a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Because you don't need to worry with this coordination, you get to think about the move, painting, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
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!