How the Mortgage Loan Process Works
There can be no question ; getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a loan in one day by filling out a simple application. But 1st Credential Mortgage Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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 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 step is where 1st Credential Mortgage Inc will begin saving you money. You will give us info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Since you won't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We do the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call 1st Credential Mortgage Inc at (281) 778-0805. We answer questions about the loan process every day.