How the Loan Process Works

There is a lot involved in oder to get a mortgage. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what is important—preparing to move into your new home or saving money.

There are four main steps involved in getting a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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 will also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we will get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where the process really begins, and American First Bancorp, Inc. can really save you money. You will give us details on your current job, your assets, and your residence history. We will get your credit report and score (with your permission, of course). We will review this info then will provide a pre-qualification letter. Handle it with care—it is a great tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you are looking for your new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it has been accepted, you should apply for the loan. It could not be easier, 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 will order the professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing. We will work with this company to make sure all the papers your lender will require are in order, and you will most likely sign everything at the escrow/title office.  We do all the work with the title company to meet your closing date as best as possible. While we handle the closing, you can think about moving logistics, paint colors, carpet, and all the details of getting into your new home.

You have answered a few questions, provided detailed information, applied online, and before you know it, you will be moving in! American First Bancorp, Inc. is in the business of loans; you are not—so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call American First Bancorp, Inc. at 330-492-7757. It is our job to answer lending questions, so we are happy to help!