An Overview of the Loan Process

Make no mistake, there's a lot to do when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. But First Financial Mortgage Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

You will want to consider a couple of important 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? You can get a good idea of your preferred payment amount by using the calculators on our website (click the HOME tab).  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 just a short conversation.

Step two: pre-qualify for your loan

This is where the process really begins and First Financial Mortgage Services can really save you money. You will provide information about your employment, assets, and residence history. With your permission, we will run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualification letter. Your real estate agent 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 a new house with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will need are available, and you'll probably}likely sign all these papers at their officeWe work with with this company on your date of closing. Because you don't have to worry with this coordination, you can concentrate on the move, paint colors, new carpet, and the details involved in moving into a new house.

You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.