The Mortgage Loan Process: an Overview
There can be no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive an excellent loan funded in one day. We do most of 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 milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 rubber meets the road and 1st Credential Mortgage Inc can really save you money. You will give us information on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We will go over this info then will give you a letter of pre-qualification. Be careful with this letter — it is 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 a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Because you don't need to worry about these details, you get to think about moving, paint colors, new carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you're moving in! 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. We answer questions about the loan process every day.