The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There's quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But 1st Credential Mortgage Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage loan involves four major steps.

Step one: Decide on your maximum loan amount

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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan

This is where the process really begins and 1st Credential Mortgage Inc can really save you money. You will give us information about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). When we review all this info we provide a pre-qualification letter. Your agent will 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 looking for your new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender needs 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. Since you will not have to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and the details involved in getting a new house.

You've answered a few questions, given us lots of information, applied online, 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. It's our job to answer lending questions, so we're happy to help!