How the Loan Process Works

There's a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage 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.

There are four main steps involved in obtaining a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 1st Credential Mortgage Inc can start to save you money. You will provide details on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: funding

The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your closing date. Because you will not need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new house.

You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call 1st Credential Mortgage Inc at (281) 778-0805. 1st Credential Mortgage Inc answers loan process questions every day.

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