FC Lending Houston - The Loan Process

An overview of the loan process

As you know, there's a lot involved in getting a mortgage loan. It would be nice if you could visit our Web site, fill out a one-page application and have the best loan funded the same day! That's not the case, so we try to make it easy by doing most of the "heavy lifting" for you – so you can concentrate on preparing to move into your new home.

There are four main steps involved in getting a loan. You'll see that we've made it as easy as possible for you.

Step 1: Determine how much you can borrow

How much of a monthly payment can you afford? And given your unique credit and employment history, income, debt and goals, how much will a lender loan you? You can get a rough idea of how much monthly payment you can afford 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 program you can expect to be most beneficial.

Step 2: Pre-approval for your loan

We'll ask for information about your employment, your assets, your residence history and so on. We'll request your permission to run your credit report. After all of this information has been reviewed, if you meet with certain criteria, we give you 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're pre-approved, you'll have more negotiating power. And while you're picking out the home that's perfect for you, we're busy finding the loan that's 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 here at our Web site. When the time is right, we'll order an appraisal of your new home.

Step 4: Your loan is funded

Your real estate agent and the seller's agent will work with you 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 do most of the work. Doesn't that make sense?

COMPLAINTS REGARDING MORTGAGE BROKER SHOULD BE SENT TO THE TEXAS SAVINGS AND MORTGAGE LENDING DEPARTMENT, 2601 N. LAMAR, SUITE 201, AUSTIN, TX 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 877-276-5550.