Smart Home Buying
Loan Approval Process
Applying for and receiving a mortgage loan might seem overwhelming, but the process can be broken down into four relatively simple steps: Application, Approval, Processing, and Closing. Your appointed loan expert will help guide you through each step of the process, answering any questions you may have while ensuring your loan is approved in a timely fashion. Here are a few key steps to moving into your new home:
- Loan Prequalification
- Documentation
- House Hunting and Making an Offer
- Loan Application
- Processing
- Underwriting and Approval
- Closing
Experienced loan officers to help guide you through the loan process.
Find your perfect mortgage loan officer today.
Resources for homebuyers.
Required Documents
Documentation requirements often vary based on your specific circumstances. Get a better idea of what types of documentation you might need here.
Need a Down Payment?
If you haven’t purchased or owned a home in the last three years, don’t be intimidated by down payments and closing costs. You might be eligible for down payment assistance.
Credit Questions
Understanding your credit score and how it can impact your ability to purchase a house is no simple feat. Let our experts equip you with everything you need to know about credit.
Mortgage Calculators
How much will my mortgage save me in taxes?
How much can I borrow?
How much interest could I save by increasing my mortgage payment?
How much could I save with a 15-year mortgage?
How long will it take to break even on a mortgage refinance?
Should I buy points?
What will my monthly payment be?
Should I buy or rent a home?
FAQs
How much will I need for a down payment?
Depending on the type of loan you are financing, you may be required to make a down payment ranging from 0% to 20%. There are many advantages to both small and large down payments including income tax benefits. Contact a Loan Officer today to provide you with all your options.
What is the difference between Pre-Approved and
Pre-Qualified?
Pre-Qualification is an informal estimation of what size mortgage the borrower may qualify for. Pre-Approval is a formal statement of the specific mortgage amount in which the borrower is approved for.
What if I am in the process of switching jobs?
Securing a mortgage during an employment transition is common. You need income that is reliable, stable, and likely to continue for at least 3 years. New positions require you to remain in the same field. Contact your First Federal Bank Loan Officer today to assist you with this process.
