The Loan Process: an Overview

	Searching for a loan? Mike is glad to help! Call Mike at 708-647-5246. Want to get started? Apply Online Now.

No doubt, a lot to do when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. 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 loan involves four major milestones.

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? 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 step is where First Mortgage Corp can start to save you money. You will provide information about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. When we review all this info we will give you a letter of pre-qualification. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan program that's right for your unique situation.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Since you don't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of getting your new house.

You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! First Mortgage Corp is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call Mike at 708-647-5246. It's his job to answer lending questions, so he's happy to help!