First State Mortgage
FSM simplifies the process of getting a home loan. Our mortgage calculators can help you find out how much you can afford to pay for a new home, what your mortgage payments might be, how much you can save by refinancing and more.
Once you’re ready to move forward, your loan officer will help you successfully navigate every step of the mortgage process:
1. Get Pre-Qualified. Before you start house hunting, get pre-qualified so you’ll know how much you can afford. Pre-qualification also makes you more attractive to sellers.
2. Choose your Loan. Once your offer to purchase a home has been accepted by the seller, you’ll need to choose a mortgage loan, complete the loan application, and submit income and asset documentation such as W2 forms, pay stubs and bank statements.
3. Lock in an Interest Rate. You can lock in your interest rate when you fill out the loan application or you can wait to lock it in later. Rates fluctuate daily, so it’s generally a good idea to lock in your rate as soon as possible. We can help you determine the best time to lock your rate based on your closing date.
4. Get Approved. Finalizing your loan includes three steps. First, we will order an appraisal on the home you’re going to purchase. Next, the Realtor or real estate attorney will order title and escrow services so we can include this information in your loan package. Lastly, an approved underwriter will review your final loan package, including your application, supporting documentation, the sales contract, appraisal and title to ensure all requirements and regulations are met.
5. Close on your House. At least 24 hours before closing, the title company will provide a statement of all charges and fees from the lender, attorneys and realtors, as well as title fees, tax, and insurance escrows. On closing day, you’ll typically sign the final purchase documents at the title company. Your first mortgage payment generally is due on the first day of the second month after your closing date.
6. Celebrate! Congratulations, you’re a homeowner!
The U.S. Department of Housing and Urban Development has developed a guide with more detailed information to help you become familiar with the various stages of the home buying process.