The Mortgage Loan Process: an Overview

There can be little doubt that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day with 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.

Getting a loan involves four major milestones.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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 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: pre-qualify for your loan

This step is where First American Financial can begin to save you money. You will provide info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed your information, we'll provide you with a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are available, and you will likely sign everything at this company's office. We will work with the title company on your closing date. Because you don't need to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of getting your new home.

After you have answered a few questions, given us detailed information, and applied online, you're ready to move in! First American Financial is in the business of loans; you're not — so we do the work. Makes sense, doesn't it?