The Loan Process: Four Steps
Are you looking for a new mortgage? We'll be glad to answer your questions about your mortgage needs! Call us at 972-279-3700. Ready to get started? Apply Now
There is no doubt that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in obtaining a mortgage 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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We'll go over all this info and give you a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! Your REALTOR® should use your 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 the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the sellers will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably sign everything at their office. We will work with the title company to set your closing date. Since you won't have to worry with this coordination, you get to think about the move, paint colors, new carpet, and the details involved in moving into your new home.
After you have answered some few questions, provided detailed information, and applied online, you'll be moving in before you know it! FirstSouth Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call FirstSouth Mortgage at 972-279-3700. FirstSouth Mortgage answers loan process questions every day.