The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could complete a one-page loan application and receive a great loan funded 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 important steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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? 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: complete a pre-qualification
This step is where 1st Credential Mortgage Inc will begin to save you money. You will provide details about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll review this info and provide a pre-qualification letter. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date to close. Because you will not need to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of all the loan details 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!