The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to complete a simple loan app and get the best loan check cut in one day. But 1st Credential Mortgage Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
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? 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 is where 1st Credential Mortgage Inc can start to save you money. You will provide info about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not 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 a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date of closing. Since you will not have to worry about these details, you can concentrate on 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, given us lots of information, applied , and before you know it, you are moving in! 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 (281) 778-0805. It's our job to answer lending questions, so we're happy to help!