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

There can be no doubt ; getting a mortgage loan is a complicated process. You wouldn't be looking up loan information 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.

There are four primary steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? 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. 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 the process really begins and 1st Credential Mortgage Inc can really save you money. You will supply details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we have gone over this info we provide a letter of pre-qualification. Your agent should use your 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 looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Because you don't need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and all the details of moving into a new home.

You've answered a few questions, provided lots of information, applied online, and before you know it, you are moving in! 1st Credential Mortgage Inc is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

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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