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How to Get a Loan

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.

Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage expert who can answer questions is just a phone call away.

Here's an overview of the loan-application process

Step 1: Pre-approval
Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will increase your negotiating power since you'll be viewed as a "cash buyer," and will help you find a home that is within your means.

Step 2: Loan Search
Find an experienced First State Mortgage professional who will put you and your family first and suggest financing options that are tailored to fit your needs.

Step 3: Loan Application
It is crucial you provide the lender with as much information as possible and as accurately as possible.
Loan Application Checklist:
Current drivers license
Pay stubs covering the last 30 days
W-2 forms for the past 2 years
Two years' tax returns
Bank statements for the past two months
(or any other statement regarding stocks, bonds, 401(k)s, mutual funds, etc.)
Additional documentation may be required.

Step 4: The Hunt
Start shopping for a house! Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought.

Step 5: Appraisal
At the appropriate time, we will order an appraisal for you which is a requirement of the lender. By knowing the true value of the home, you are protected from overpaying.

Step 6: Title Search
This is the part of the process when liens against the property are discovered. A lien refers to a form of security interest placed over an item to ensure payment of a debt. All liens must be cleared before a transaction can be completed.

Step 7: Processor's Review
Your loan application and all pertinent information will be packaged by your mortgage professional and sent to the lending underwriter for review.

Step 8: Underwriter's Review
Based on information put together by your loan professional, the underwriter makes a final decision whether the loan is approved.

Step 9: Approval
In order to approve a loan, the lender may ask the borrowers to put more money down to improve the debt-to-income ratio. The borrower may also need a bigger down payment if the property appraises for less than the purchase price.

Step 10: Signing
During this step, the final loan and escrow documents are signed.

Step 11: Funding
The lender will send a wire or check for the amount of the loan to the title company.

You are now a homeowner!

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