The Loan Process: an Overview

There is little doubt ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. We do most of 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 main steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount 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 quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where 1st Credential Mortgage Inc can start to save you money. You will give us information about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy finding the loan that's just right for your unique situation.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. 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 a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Since you will not need to worry with this coordination, you can concentrate on moving, painting, carpet, and all the details of getting your new house.

You've answered some few questions, given us detailed information, applied , and before you know it, you're deciding when to move in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call 1st Credential Mortgage Inc at 2817780805. We answer questions about the loan process every day.