How the Mortgage Loan Process Works
No doubt, a lot involved when you get a mortgage. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. But Equity Edge Mortgage, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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 process really begins and Equity Edge Mortgage, Inc. can really save you money. You will give us information about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have reviewed this info we 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 picking out the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate 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 work with with this company to set your date of closing. Since you will not need to worry with this coordination, you get to think about moving, painting, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Equity Edge Mortgage, Inc. at 719-425-2226. It's our job to answer lending questions, so we're happy to help!