How the Loan Process Works

Looking for a loan? We'd be thrilled to discuss our mortgage offerings! Call us at (888) 525-6267. Ready to get started? Apply Now.

There's quite a lot to do in order to get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. But 1st Los Angeles Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll 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 1st Los Angeles Mortgage will start to save you money. You will supply information on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll go over all this info then will provide a letter of pre-qualification. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan that's just right for you.

Step three: apply now! We make it easy

Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender needs are available, and you'll likely sign all these papers at this company's office. We will work with the title company to set your closing date. Since you won't have to coordinate this process, you can think about the move, paint colors, carpet, and the details involved in getting your new house.

Once you've answered some few questions, given us lots of information, and applied, you'll be ready to move sooner than you think! 1st Los Angeles Mortgage is in the business of loans; you're not — so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call 1st Los Angeles Mortgage at (888) 525-6267. 1st Los Angeles Mortgage answers loan process questions every day.