Are you a new home-buyer
wondering what the process is for obtaining a mortgage? It is
not as complicated as it seems especially if you have a lender
working as a partner with you. At 1st Alliance Lending we
will be on your team as you navigate the loan process.
Submit
a Loan Application
The
first step is to submit a loan application. You will need to
include proof of your income by submitting 30 days worth of pay
stubs. You will provide your drivers license and social
security card so a credit history can be examined. Tax forms
and W-2s from the past 2-3 years are also requested. You may be
requested to provide bank statements and a list of your addresses for
the past 7 years. If you have had a financial hardship in the
past that you would like to explain you can include a Hardship
Letter. Many financial institutions will not take into account
job loss or illness of a family member impacting previous credit
performance. At 1st Alliance Lending we want to know the
details and will take information provided in a Hardship Letter into
account when evaluating your application.
If
all of this documentation seems like a lot of work just realize that
after you submit your loan application your homework is done. Now
it is time for 1st Alliance Lending to do the work.
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Application
is Processed
After
your application is completed we will provide you a Good Faith
Estimate (GFE), which gives our best estimate of the fees and costs
you will incur to obtain a mortgage. We provide the GFE within
3 days of application as required by law.
Processing
the application typically takes 1 week and includes verifying it has
been filled out completely and accurately. We evaluate public
records to see if there are any liens. Occasionally additional
information or documentation may be requested.
Options
Presented
You
will be presented the rate and loan options that you qualify for. In
general, better credit history equals a better interest rate and more
options available. Keep in mind that 1st Alliance Lending
doesn't just rely on your credit number but looks at the whole
picture to determine which loan is appropriate for you. We
strive to provide you with a mortgage you can afford long term.
If
you are ready to partner with 1st Alliance Lending to procure a new
home mortgage loan contactus.
We would be happy to be on your team and walk you through the
mortgage process.
