How the Loan Process Works
There's no question that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and receive an excellent loan check cut the same 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 important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where the process really begins and 1st Credential Mortgage Inc can really save you money. You will give us info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your closing date. Since you will not have to coordinate this process, you get to concentrate on moving logistics, painting, carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! 1st Credential Mortgage Inc is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
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!