An Overview of the Loan Process
Searching for a loan? We can assist you! Give us a call today at (707) 964-0708.
There's a lot involved when you get a mortgage loan. 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 Equity does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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? 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: pre-qualify for your loan
This is where the rubber meets the road and First Equity can really save you money. You will supply information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll go over this information and will give you a pre-qualification letter. Your REALTOR® should use the pre-qualification (as they may call it) to make the best offer on the home you choose. The pre-qualification letter gives you buying clout! While you're looking for a new house with your REALTOR®, we will find the best program for you.
Once you've made an 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 right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender requires are available, and you'll probably}likely sign all these papers at their office. We do all the work to work with the title company to set your closing date. Because you don't need to coordinate this process, you get to concentrate on moving, paint colors, carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! First Equity is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call First Equity at (707) 964-0708. We answer questions about the loan process every day.