The Loan Process: an Overview
No doubt, a lot to do in oder to get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and get an excellent loan funded in one day. 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: determine how much you can borrow
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 can begin to save you money. You will give us information about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the best loan for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your closing date. Because you don't have to worry with this coordination, you can think about the move, paint colors, carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
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!