The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could complete a simple application and receive a great loan check cut in one day. But 1st Credential Mortgage Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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. 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. 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 rubber meets the road and you save the most money. You will give us information about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. 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 picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you have signed the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Since you won't need to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving 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.