An Overview of the Mortgage Loan Process

Are you looking for a new mortgage? We'll be glad to talk about our mortgage offerings! Give us a call today at (408) 540-0200. Ready to begin? Apply Online Now.

Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. But First Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

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? What is the maximum you can borrow from a lender, given your income and credit history? 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 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 you save the most money. You will supply info about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! Your real estate agent should use the 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 your new home, we're busy researching the loan that's right for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are available, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you don't need to worry with this coordination, you can think about moving logistics, paint colors, new carpet, and all the details of getting a new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! First Funding is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call First Funding at (408) 540-0200. It's our job to answer lending questions, so we're happy to help!

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