The Loan Process

An overview of the loan process

As you are aware, there's a lot involved in getting a mortgage loan. You wouldn't be here on our Web site if you could complete a one-page application and get your loan funded the same day! At Community One Financial, we do the "heavy lifting" for you so you can concentrate on what's important – preparing to move into your new home as quickly as possible.

There are four main steps involved in getting a loan. You'll see that we've made your part as easy as possible. That's what we're here for.

Step 1: Determine how much you can borrow

Determining your borrowing power means finding out how much of a monthly payment you can afford. And given your unique credit and employment history, income, debt and goals, how much will a lender loan to you? You can get a rough idea of your borrowing power by using the calculators on our Web site. We'll also help you through different scenarios by asking a few simple questions. Based on standard lending guidelines, you'll have a good idea of what kind of terms and loan programs will be most beneficial to you.

Step 2: Pre-approval for your loan

Once you have supplied information about your employment, your assets, your residence history, and so on, we'll ask permission to run your credit report. When we review all of your information, if qualified, we will provide a Pre-Approval Letter. Handle it with care! To a home seller, it's like a suitcase full of cash! Your real estate agent will use your Pre-Approval Letter to make the best offer on the home you choose. Because the seller knows you are pre-approved, you'll have more negotiating power. And while you're picking out the perfect home, we're busy finding the loan that's just right for you.

Step 3: Apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at our Web site.

The next part of this process is to order an appraisal of your new home, and we'll do so when the time is right.

Step 4: Your loan is funded

Your real estate agent and the seller's agent will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office.

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, so we'll do most of the work. Doesn't that make sense?

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First Continental Mortgage, Ltd. d.b.a. Community One Financial. 11011 Richmond Avenue, Suite 800, Houston, TX 77042.

First Continental Mortgage, Ltd. d.b.a First Continental Mortgage, Limited Partnership

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