The Mortgage Loan Process: an Overview

There can be little doubt ; getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a loan in a single day with 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 primary steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 step is where 1st Credential Mortgage Inc can begin saving you money. You will give us information on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Because you won't need to coordinate this process, you can concentrate on moving logistics, painting, carpet, and all the details of getting a new home.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! 1st Credential Mortgage Inc is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??

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