How the Loan Process Works
There’s quite a lot involved in order to get a mortgage. 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.
Getting a mortgage loan involves four major steps.
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. 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 the rubber meets the road and Mortgage First Direct can really save you money. You will supply info about your employment, your assets, and residence history. You’ll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. We’ll go over all this information then provide a pre-qualification letter. Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you’re picking out your new home, we are looking for the loan that best fits your needs.
Step three: apply for your loan
After you’ve signed an offer and the sellers have accepted, it’s time to apply for the loan. Applying for a loan couldn’t be much easier; you can apply right here on our site (. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller’s will work together to find a title company to handle the funding of your loan once it’s approved. We’ll coordinate with this company to make sure the papers your lender needs are in order, and you will probably likely sign everything at their office. We coordinate with this company on your closing date. Because you won’t have to coordinate this process, you get to think about moving, painting, new carpet, and all the details of moving into a new house. You’ve answered a few questions, given us detailed information, applied online, and before you know it, you are 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.
Have questions about the loan process? Call Mortgage First Direct at (973) 763-4000. We answer questions about the loan process every day.