The Loan Process: an Overview

	Searching for mortgage advice? I'd be thrilled to discuss your mortgage needs! Call me at 708-647-5252. Ready to begin? Apply Here.

Make no mistake, there's a lot involved in order to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out 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.

There are four important steps involved in obtaining a mortgage loan.

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 amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: pre-qualify for your loan

This is where the process really begins and First Mortgage Corporation can really save you money. You will supply details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. When we review all this information we will give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will need are available, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Since you won't need to worry about these details, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of getting a new home.

You've answered some few questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Lou Carrillo of First Mortgage Corporation at 708-647-5252. It's our job to answer lending questions, so we're happy to help!