The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to 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.
There are four important steps involved in getting a loan.
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: pre-qualify for your loan
This is where Equity Edge Mortgage, Inc. will start saving you money. You will provide info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are finding the best loan for you.
Step three: apply for your loan
Once you have made an offer and the sellers have accepted, you should 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
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you won't have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered a few questions, given us lots of information, applied , and before you know it, you are deciding when to move in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.