The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be no question that getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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. 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: pre-qualify for your loan
This is where 1st Credential Mortgage Inc will start saving you money. You will provide details 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 this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date of closing. Since you don't have to worry about these details, you get to think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the mortgage legwork 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!