The Mortgage Loan Process: an Overview

No doubt, a lot to do in oder to get a mortgage. You wouldn't be visiting our website if you could complete a simple loan app and receive an excellent loan check cut the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four main steps involved in getting a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. What kind of monthly payment are you looking for? 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 1st Credential Mortgage Inc will start saving you money. You will supply details about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). When we review this info we give you a pre-qualification letter. Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent 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 will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Because you don't have to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new house.

You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! 1st Credential Mortgage Inc is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?

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!