Congratulations! You are taking the first steps in living the American Dream of home ownership. This is probably be the biggest financial investment you make so it’s important you choose your home loan from an established trusted leader in the mortgage business. 1st Residential Funding has been helping thousands of families realize the American Dream since 1999. Buying a home and obtaining the mortgage loan that suits your financial situation can be a bit over whelming but your knowledgeable loan specialist will be by your side to help you make an educated decision. No matter what your circumstances our licensed mortgage loan specialist will help you obtain a home loan with the most competitive interest rates, closing costs, and most with no lender fees! It will be a simple and stress free experience with no surprises.
Good or Poor Credit is okay
Aim For a Home You Can Really Afford
Don’t Worry if You Can’t Put Down the Usual 20 Percent
Enlist a Professional Real Estate Agent
Don’t be misled by “deals” from other lenders – they often have hidden costs.
Buying a Home? You will need to have these documents ready:
• Two consecutive paystubs ( a month’s worth) that show year to date income
• W-2 statements for past two years
• If retired, most recent social security award letter and proof of pension
• Most recent 2 months bank statements on all accounts (ALL PAGES, even if blank)
• Most recent monthly or quarterly statement for any retirement/ investment accounts, ALL PAGES (such as 401K, IRA, etc)
• Copy of complete personal tax returns for past two years ( in some cases, ie: you own other properties, have commissioned or bonus income or self- employed)
• If you or any co borrower is self- employed, a complete copy of your business tax returns for past two years
• Copy of the divorce decree and property settlement agreement if applicable
• Clear copy of borrower(s) driver license
Lenders or underwriters might require additional documentation specific to the type of loan you desire but these basic ones should get you started. For purchase mortgages, be sure to have your purchase agreement and real estate contract on hand. For refinance applications, bring along your home insurance policy and most recent mortgage statement.
Step 1: Contact Us
Our highly skilled mortgage loan originators will be happy to answer your questions and assist you in finding the program that suits your borrowing needs. Simply Contact Us anytime. We are looking forward to discussing all the options with you so you can make an educated decision
Step 2: Get pre- qualified for a loan (takes just 8-10 minutes)
It takes about 8 minutes over the phone to get you pre-qualified so you can start looking for a new home or see if you can benefit by refinancing a home you own. We can also go one step further and get you a pre-approval! Its just that easy! Want to know what the difference is between a pre qualification and pre-approval? Click this link to find out more. Pre-Qualification vs Pre-Approval
Step 3: Complete and Sign Application (24 hours)
One of the greatest benefits to working with us is that you may choose not to leave home. Nor do you have to spend hours filling out mountains of paperwork. With your documents (see “Things you will need“) we will fill out your application for you. We do all the work! Within 24 hours of receiving your documentation and preparing your application, we will email you via a secured link your completed a loan application along the loan estimate and all other required disclosures you need to sign, you can even sign right online from the comfort of your home or office. Of course we love visitors so you can always come to the office and meet with us, it’s totally up to you
Step 4: Processing the Application and Initial Underwrite (7-10 business)
Once we receive your signed application and have all supporting documents we will order the property appraisal. Then an appraiser local to your area will be assigned to review the property. We will submit your application and all documents you provided to the underwriter who will review this information. In the meantime, we are doing the behind the scenes work, ordering title work, contacting the insurance agent you have chosen and collecting any other documents. At any time, we encourage you to contact your mortgage loan specialist regarding questions you may have or just for an update on the progress. You can text email or call your personal loan originator anytime.
Step 5: Underwriting the Loan for Final Approval (48hours)
Once we have your conditional approval we can send out your Closing Disclosure (CD) for your review. This must be done 3 days or more prior to closing. After the initial underwrite and appraisal review we collect any other items requested by the underwriter and submit for final approval. This is usually reviewed and cleared for closing within 48 hours. The underwriter will notify the closing department to
Step 6: Closing
Closing documents will be prepared by the lender and provided to the closing agent (Title Company or lawyer). You attend your scheduled closing and sign all the documents and DONE!
1. Gather the items on your document checklist. If you don't have a document checklist, click here. You can do his even before having an accepted contract if you are purchasing, it really saves valuable time. If you are refinancing your home do this as soon as possible to avoid delays.
2. Meet with your mortgage loan originator to complete your loan application within 24 hours of contract acceptance for purchases. For refinances do this as soon as possible to avoid delays. You can also scan and email via our secure email link, fax or come see us!
3. If you desire a home inspection for a new home purchase work with you real estate professional to schedule this immediately.
4. Work with your mortgage specialist to ensure the appraisal is ordered to meet your contract deadline. If refinancing, as soon as the intent to proceed and all disclosures have been received and electronically signed we will order your appraisal.
5. Adhere to any requests in a timely manner if additional documents are requested from your mortgage specialist. The faster you respond the quicker your loan closes.
6. If possible, avoid a closing on or close to last day of the month (these days tend to be very busy for title companies and lenders)
7. Don’t move monies between accounts, don’t make any deposits other that paychecks, don’t apply for or open new credit (don’t make big purchase, the furniture will have to wait).If you aren’t sure ask your mortgage specialist first.
8. If purchasing a home decide on which homeowner’s agent you will be utilizing for homeowners insurance and let your mortgage know right away. If refinancing your mortgage specialist will handle this for you.
9. Communication is the key! Before you do anything ask us first! Remember once pre-approved we must know of any changes as it may change your ability to qualify for a home loan. We would prefer you contact us anytime if you have any questions. Text, email, or phone we are here for you!
10. Count on us to smoothly guide you right to the closing table.
Considering a new home is exciting! Whether you are a first-time homebuyer or moving to a new city, your new home is the fulfillment of a dream.
However, the process of buying that dream can be stressful. That is why we are here! Since we have walked with thousands of men and women through this process, we at First Residential Funding have a few simple tips to keep in mind:
It’s easy to feel overhwlemed when you embark on the journey toward homeownership. There is no shame in not knowing how it all works. We recommend asking plenty of questions. Start be meeting with us and find out what you can afford. We will pre-qualify you for a home that is in your price range. This can be done on the phone in less than eight minutes!
Many first time buyers don’t know that having an agent representing them costs them nothing! Enlist the help of a real estate agent to represent you, show you homes, and advocate for you.
Keep an Open Mind
Buying a home generally requires some compromise. Keep an open mind to unexcpected surprises and lucky finds. We recommend making a list of what you are looking for in a home and discussing that list with your real estate agent. Then, work with the agent to check off some of the important things on that list, realizing that it is impossible to make off all items.
Enjoy the Process
As you go through the process of finding your dream home, understand that the final destination will be worth it as you enjoy your life for years to come in a beautiful space!
What NOT to do after you get pre-approved for a loan
Don’t get un- approved, here are 8 things you should absolutely not do between your date of application and your date of closing. Doing even ONE of these could jeopardize your ability to obtain a mortgage loan!
1. Don’t buy a new car or trade-up to a bigger lease.
2. Don’t quit your job to change industries or start a new company.
3. Don’t switch from a salaried job to a heavily-commissioned or bonus structured job.
4. Don’t transfer large sums of money between bank accounts or withdraw money.
5. Don’t forget to pay your bills ON TIME– don’t place any disputes on your debts.
6. Don’t open new credit cards — even if you’re getting 20% off “just to open a card.”
7. Don’t accept a cash gift without filing the proper “gift” paperwork from your mortgage specialist.
8. Don’t make random, undocumented deposits into your bank account.
Don’t let your mortgage or refinance get un-approved. Take steps to protect your approval. Avoid the bad behaviors which can cost you time and money and that great, low rate.
These are just some of the behaviors which could sabotage your loan. There are more, of course, and we will help you identify them. ALWAYS check with your mortgage specialist before doing anything.
If you are in the market for a new home, your first step is pre-qualification. Pre-qualification takes less than eight minutes and lets you know what you can afford when shopping for your house.
What is Pre-qualification?
Pre-qualification is simple and can be done over the phone. It costs nothing and requires only a little information sharing. When you call 1st Residential Funding for a quick pre-qualification, we will ask for general information that gives us an overall picture of your financial situation, including your debt, income, assets, and credit history. After evaluating this information, we can give you an idea of the mortgage amount for which you qualify to purchase a home. It may or may not include accessing a full credit report.
At this point, as your mortgage loan specialist, we will discuss various mortgage options and recommend the type that might be best suited to your situation. Because it's a quick procedure – and based only on the information you provide us – your pre-qualified amount is not a sure thing; it's just the amount for which you might expect to be approved. For this reason, being a pre-qualified buyer doesn't carry the same weight as being a pre-approved buyer who has been more thoroughly investigated.
What is Pre-approval?
Being a pre-approved buyer makes you a stronger buyer. Once again, there is also no cost involved but it does require a little more effort on your part. You will need to collect the necessary documentation and we will pull a full three-bureau credit report. This gives us all the information we need to generate a loan application (known as Form 1003).
At this point, you still do not have to know what house you are purchasing and yet we can pre-approve you for a certain amount.
With pre-approval, you will receive a conditional loan approval for an exact loan amount, allowing you to look for a home at or below that value. This makes negotiating and “winning” a contract when there are multiple offers more likely since you have actually been pre-approved! You have the stronger advantage and this also allows you to close sooner.