How the Loan Process Works
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single 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 mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 process really begins and First Southeast Mortgage Corporation can really save you money. You will provide info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® 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 shopping for your new home, we are researching the loan that best fits your needs.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you don't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of getting 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 in the business of loans; you're not — so we 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. We answer questions about the loan process every day.