The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. 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 important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 1st Credential Mortgage Inc will begin saving you money. You will supply information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan program that's right for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, 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 work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Since you won't have to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! 1st Credential Mortgage Inc is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call 1st Credential Mortgage Inc at 2817780805. It's our job to answer lending questions, so we're happy to help!