The Loan Process: an Overview
Shopping for a mortgage loan? We will be glad to help! Call us at 561-392-0040. Ready to get started? Apply Online Now
There is no doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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 amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 the rubber meets the road and you save the most money. You will supply details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed this information, we'll give you a pre-qualification letter. Your agent will use the 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 shopping for the home that's right for you, we're busy researching the loan that's right for you.
After you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to handle 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 everything at their officeWe coordinate with this company to set your date to close. Since you don't have to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and all the details of getting your new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Leading Edge Mortgage Corp. at 561-392-0040. It's our job to answer lending questions, so we're happy to help!