How the Loan Process Works
No doubt, quite a lot to do when you get a mortgage. You wouldn't be here on our website if you could complete a one-page loan application and get an excellent loan funded in one day. 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 loan involves four major steps.
Step one: Decide how much you can afford
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? 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: complete a pre-qualification
This is where First Southeast Mortgage Corporation can start to save you money. You will give us info about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your agent, we find the best program for you.
Once you have made an 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 site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Since you won't have to coordinate this process, you can think about moving logistics, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call First Southeast Mortgage Corporation at 954.920.9799. We answer questions about the loan process every day.