An Overview of the Loan Process
There's quite a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a loan in a single day with a simple application. But 1st Security Home Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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 1st Security Home Mortgage Corp will start to save you money. You will give us details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We will review this information and give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Since you don't have to coordinate this process, you get to think about the move, paint colors, carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding your new home.
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!