Getting a Loan: 4 Step Process
Finding the right loan and lender is crucial to your success in securing a
home mortgage. Selecting First Interstate Financial Corp is a smart choice.
Throughout the loan-application process, we provide you with regular updates
and you can e-mail us with questions or new information. If you need
assistance, a mortgage expert is just a phone call away.
Take a look at this brief overview of the loan-application process and see
how quick and easy it is for you to become a homeowner.
STEP #1 Determine how
much you can borrow.
It's important to find out how much home you can buy, even before you begin
looking. As a first step, there's nothing better than knowing all you can about
where you're headed. Once you've answered a few simple questions, we'll
calculate your buying power, based on standard lender guidelines.
STEP #2 Pre-qualify and
save.
Start by supplying some brief information about employment, assets, etc.
Next we'll contact you for authorization to obtain your credit report.* Once
we've reviewed this information, we'll issue a pre-qualification letter, which
gives you the clout of an "all-cash" buyer. As you begin looking for
a home, we'll begin looking for the best loan to meet your specific needs. Your
real estate agent will use your Pre-qualification letter to negotiate the best
deal for you. You're off to a great start!
STEP #3 Apply now.
Getting started is easy.
It's that simple. Once you have selected a property and a contract is in
place with the seller, the next step is to meet with a loan officer who will
complete your loan application for you, which can be done easily in person or
by telephone.
STEP #4 Your loan is
processed, approved and funded!
Your real estate agent or the seller will designate an escrow/title company
to handle the funding of your loan, along with many other factors which make
your purchase go smoothly. We will coordinate with the escrow team and you'll
sign the final papers at their office.
Simple, cost effective, and fast! It's that easy.
*Important Note: Do not allow anyone to obtain free credit reports for you.
These reports will have to be obtained later anyway, which may lower your
"credit-risk score." This score is extremely important to your
overall credit evaluation in the underwriting process for your mortgage loan.