How the Mortgage Loan Process Works

There's little doubt ; getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and get the best loan check cut the same day. 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.

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

Step one: determine how much you can borrow

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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 1st Security Home Mortgage Corp can begin to save you money. You will provide information about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your agent will use your 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 the home that's right for you, we are researching the best loan program for you.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Since you won't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into your new house.

You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! 1st Security Home Mortgage Corp is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call 1st Security Home Mortgage Corp at 918-748-4470/877-748-4470. It's our job to answer lending questions, so we're happy to help!

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