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

Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could fill out a simple loan application and receive 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 main steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will supply details about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! 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. 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 now! We make it easy

After you've signed the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Because you won't have to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of getting a new home.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of all 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 (281) 778-0805. It's our job to answer lending questions, so we're happy to help!