How the Loan Process Works

There's no question that getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in one 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 important steps involved in obtaining a 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? 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. 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will provide details on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. When we review all this info we will provide a letter of pre-qualification. Your real estate agent will 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 home, we are looking for the best loan program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe work with with the title company on your date of closing. Since you don't need to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in getting a new home.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! 1st Credential Mortgage Inc is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call 1st Credential Mortgage Inc at 2817780805. 1st Credential Mortgage Inc answers loan process questions every day.