How the Loan Process Works
There can be little doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. But Equity Edge Mortgage, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
Step one: Decide how much you can afford
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Equity Edge Mortgage, Inc. can start to save you money. You will supply info about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will go over all this information then provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are looking for the best loan program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Because you will not have to coordinate this process, you get to think about moving, paint colors, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! Equity Edge Mortgage, Inc. is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Equity Edge Mortgage, Inc. at 719-425-2226. We answer questions about the loan process every day.