The Mortgage Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single 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 loan involves four major steps.
Step one: determine how much you can borrow
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? 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: complete a pre-qualification
This is where 1st Credential Mortgage Inc will begin to save you money. You will give us details on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new home with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not 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 applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date to close. Since you will not have to worry about these details, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call 1st Credential Mortgage Inc at (281) 778-0805. We answer questions about the loan process every day.