An overview of the loan process - Financial Funding Solutions, Inc

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. However, the right Loan Specialist can make you sleep sound at night. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.

There are four main steps involved in getting a loan. You'll see that 1st Mortgages has made your part in them as easy as possible, and we do all the work! That's what we're here for.

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? The first part you can get a rough idea of by 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. Our loan specialist know this is the most imporant piece of you loan. Knowing up front what you will see at closing is priceless and only takes about 5 minutes over the phone or in person.

Step two: Pre-approval for your loan.

This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit report. When we review all this information we give you a Pre-Approval Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your real estate agent will use your Pre-Approval (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-approved. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.

Step three: Get to Closing! We make it easy.

Once you've made an offer and it's been accepted, it's time to complete your loan processing. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home, you submit your pay stubs and bank statement. It's that simple in most cases.

Step four: Move into your new home. Simple.

1st Mortgages, your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the title company to make sure all the papers needed are in order, and you'll sign everything at the title company's office, the Credit Union, our office and in special instances at your home. 1st Mortgages will also work to lower your closing costs by being right there with you at closing, when possible.

You've answered a few questions, given us some detailed information, applied online, over the phone or at our office and the next thing you know, you're moving in!