An Overview of the Mortgage Loan Process
No doubt, quite a lot involved when you get a mortgage. You would not be researching mortgage loans if it were possible to get a loan in one day with 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 on your maximum loan amount
A couple of factors determine this amount. 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? 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 is where the rubber meets the road and you save the most money. You will supply info on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the best loan program for you.
Once you have made the offer and it's been accepted, 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 the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company to set your date to close. Since you don't need to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and the details involved in moving into your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving in! We take care of the mortgage legwork so you can focus on 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.