How the Mortgage Loan Process Works
No doubt, a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage 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 home loan involves four major milestones.
Step one: determine how much you can borrow
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? 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 Equity Edge Mortgage, Inc. will begin saving you money. You will supply details about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we have reviewed all this information we will provide a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent 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 ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date to close. Since you will not have to coordinate this process, you get to think about moving logistics, painting, new carpet, and all the details of getting a new house.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you are 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. Equity Edge Mortgage, Inc. answers loan process questions every day.