Understanding the Edward Jones Mortgage Process

When it comes to the mortgage process, a little knowledge goes a long way. Understanding the key steps can make you a more confident and knowledgeable home buyer.

Before getting started, it's important to understand the difference between pre-qualification and pre-approval.

A pre-qualification letter is typically the result of information shared between lender and a potential borrower and usually does not involve the lender reviewing your credit report. There are generally no costs or commitments by either party and the result is a "ballpark" estimate of the maximum mortgage amount for which you may qualify.

Pre-approval of a mortgage loan application typically results in a written loan decision following a complete mortgage application, which may require you to pay an application fee.  It is often a smart move for serious home buyers because it shows sellers that you come to the negotiating table ready to complete the transaction.

Edward Jones Mortgage will help you do both. We're also happy to help you compare another lender's loan offer with ours. In this situation, you'll want to make sure that you receive a Good Faith Estimate from other lenders. This legally required document summarizes the costs and fees of borrowing and is the most accurate way to compare different loan options.

1. Applying for Your Loan
After answering any questions and determining the best lending solution based on your specific needs, a home mortgage associate will take your loan application right over the phone. (Edward Jones Mortgage at 1-888-304-9242) Of course, you can also schedule the application call at a time most convenient for you. Loans are often approved on the same call as the application. When you apply for your loan, you will be asked to pay a $356 deposit, to be applied toward the cost of the property appraisal and credit report. This deposit can be charged to your Edward Jones credit card or most other major credit cards.

2. Loan Approval and Commitment
Once your credit check, appraisal and verifications are complete, a loan decision will be made. Assuming approval, a commitment letter will be sent that explains the terms of your loan, including any loan conditions that need to be met before closing. At any point in the process, you can contact Edward Jones Mortgage or your local Edward Jones branch office.

3. Pre-Closing
Pre-closing is sometimes referred to as a “loan settlement.” You may be asked to provide insurance, tax and other real estate related documents. This will enable your home mortgage associate to provide you with the exact amount you will need to bring with you at closing.

4. Closing Your Loan
Ownership of the property is transferred from the seller to you. Your closing will be arranged at a location that’s convenient for you (typically a local attorney’s office or title company) and funds will be distributed according to the terms you and the seller agreed upon. Closing procedures and associated fees vary depending on where you live. The amount of money needed at closing is made up of many items. There may be state or county transfer taxes to be paid or fees for recording certain documents. There are also standard charges that are paid at all closings, some of which are appraisal and credit fees, title insurance premiums and interest on the loan prorated from the closing date to the end of the month. You become the proud owner of your new home.

If you have additional questions about our process, don’t hesitate to call your Edward Jones financial advisor or call Edward Jones Mortgage at 1-888-304-9242.

Financing is provided by Edward Jones Mortgage, LLC, an affiliate of Edward Jones. Edward Jones Mortgage, LLC is licensed by the New Hampshire Banking Department. Edward Jones Mortgage, LLC may not be available in your area. Equal Housing Lender. ©2007 Edward Jones Mortgage, LLC. All Rights Reserved.