An Overview of the Mortgage Loan Process
There is little doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could complete a one-page application and receive a great loan check cut in one day. But 1st Security Home Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
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? 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide details about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll go over all this information and will provide a letter of pre-qualification. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/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 in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date to close. Because you won't have to coordinate this process, you can think about the move, paint colors, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! 1st Security Home Mortgage Corp is in the business of loans; you're not — so we do the work. Doesn't that make sense?
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!