How the Loan Process Works
There can be little question that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single 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. What kind of monthly payment are you looking for? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where the process really begins and 1st Credential Mortgage Inc can really save you money. You will give us information about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review this information we will provide a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Since you will not have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! 1st Credential Mortgage Inc is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call 1st Credential Mortgage Inc at 2817780805. 1st Credential Mortgage Inc answers loan process questions every day.