How the Mortgage Loan Process Works

Shopping for a mortgage? We will be glad to assist you! Call us at 276-782-1677. Ready to begin? Apply Now.

Make no mistake, there's quite a lot to do in order to get a mortgage. You wouldn't be here on our website if you could complete a simple mortgage application and get a great loan check cut in one day. 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.

Getting a mortgage loan involves four major steps.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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? 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. 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 First Residential Mortgage can begin saving you money. You will provide information on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll go over all this info then give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer 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 coordinate to designate a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender needs are available, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your closing date. Since you will not need to worry about these details, you can think about the move, painting, new carpet, and all the details of moving into your new home.

You've answered some few questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! First Residential Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that make sense?

Have questions about the loan process? Call First Residential Mortgage at 276-782-1677. We answer questions about the loan process every day.