The Mortgage Loan Process: An Overview
There can be no question that getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Step One: Decide how much you can afford
A couple of factors determine this amount. 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 amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple 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: Complete a pre-qualification
This is where First State Bank will begin saving you money. You will give us information about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your Realtor® will use your 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 shopping for your new house with your real estate agent, we find the best program for you.
Once you have made 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 website. At the end of this step, we will order an appraisal of your new home.
Step Four: Funding
Your real estate agent and the sellers will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender requires are in order, and you'll likely sign everything at their office. We will work with the title company to set your closing date. Because you don't have to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and all the details of getting your new home.
After you have answered some few questions, provided detailed information, and applied online, you'll be ready to move sooner than you think! First State Bank is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?