The Loan Process: An Overview



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There is no doubt getting a mortgage might seem a little intimidating. But we have a secret - it's not as scary as you might think!

At Leading Edge Mortgage, we do all the heavy lifting so you can concentrate on what's important — preparing to move into your new home.


Allow us to walk you through the process...here are the main steps involved in getting a loan:

 

Step One: Determine Your Maximum Loan Amount & Monthly Payment

Ask yourself: How much do you want to borrow? What kind of monthly payment are you looking for? Your Maximum Loan Amount is determined given your unique credit and employment history, income and debt, and goals. You can also get a good idea of your preferred monthly payment amount using the calculators on our website (see the Tools Dropdown!). We can give you a good idea of the right loan amount and best program after a short conversation.

Step Two: Complete a Pre-Qualification

Now we're cooking! We'll ask you to supply us with some details about your current job, assets, and residence history. Then, with your permission, we'll ask to view your credit report and score. After we've reviewed everything, we'll provide you with a pre-qualification letter. Consider it an unofficial certification to show that you are a serious buyer and have already completed some of the steps necessary to make an offer on a home. Your real estate agent will then use the "pre-qual" (as they may call it) in order to make the best offer on the home you choose. Keep in mind that in some cases, real estate agents may not even show you a home without a pre-qual - so this is an important document!

Step Three: Apply For Your Loan

After you've made the offer and the seller has accepted, it's time to apply for the loan. It's incredibly easy, and you can do it online, right here on our site! Once the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home which helps finalize the process.

Step Four: Funding

Your Real Estate Agent and the Seller's Agent will work together to find an Escrow/Title company to handle the funding of your loan. We'll work directly with that company and ensure all of the paperwork is in order. We'll also handle scheduling a convenient time for you to sign everything at their office and set your closing date. Everything is done for you by experts who have 40+ years of experience.

Since you don't have to worry about any of those details - you can concentrate on the important stuff! Like selecting paint colors, buying furniture, and making sure everything is properly feng shui'ed! Personally, we find that the harder part anyway.




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