About the Mortgage Loan Process

	Searching for a loan? Tom Mencke is glad to answer your questions about your mortgage needs! Call him at 7086475240. Ready to get started? Apply Online Now.

No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. But First Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in obtaining a loan.

Step one: determine how much you can borrow

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. 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 provide details on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will go over all this info and provide a letter of pre-qualification. Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your agent, we find the best program for you.

Step three: apply for your loan

After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your closing date. Since you won't have to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of moving into a new house.

You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Tom Mencke at 1-708-647-5240. He answers loan process questions every day.