An Overview of the Mortgage Loan Process
There's no doubt that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page application and receive the best loan funded in one 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 primary steps involved in getting a loan.
Step one: determine how much you can borrow
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: pre-qualify for your loan
This step is where 1st Credential Mortgage Inc can start saving you money. You will give us information on your employment, 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 (only after you give your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new house with your REALTOR™, we find the best program for you.
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 site. 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
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Since you won't need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and the details involved in getting your new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call 1st Credential Mortgage Inc at (281) 778-0805. We answer questions about the loan process every day.