The Loan Process: an Overview

Shopping for a mortgage? We will be glad to help! Call us at (831) 459-6073. Ready to get started? Apply Now.

No doubt, a lot to do when you get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. But First Residential Mortgage 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 on your maximum loan amount

This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the rubber meets the road and you save the most money. You will give us details about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you will not need to coordinate this process, you can concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into your new house.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! First Residential Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call First Residential Mortgage at (831) 459-6073. First Residential Mortgage answers loan process questions every day.