The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little question ; getting a mortgage is a complex process. You would not be researching mortgage loans if you could 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 home loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 the process really begins and you save the most money. You will give us info on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We will go over all this information and give you a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent should 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 shopping for the home that's right for you, we are researching the loan that best fits your needs.
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's 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 with this coordination, you get to think about moving, paint colors, carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of the loan details 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.