Here's how it works:

A "typical" mortgage transaction takes between 14-21 business days to complete. With new automated underwriting, this process speeds up greatly. Contact one of our experienced loan officers today to discuss your particular mortgage needs, or Apply Online and a Loan Officer will promptly get back to you.

1. Pre-Qualification - Pre-Qualification starts the loan process. Once a lender has gathered information about a borrower's income and debts, a determination can be made as to how much the borrower can pay for a house. Since different loan programs can create different valuations, a borrower should get pre-qualified for each loan type.
It is important to remember that, at First Choice, there are no rules carved in stone. Each applicant is handled on a case-by-case basis.
We have many products that can be customized for you.

2. Mortgage Programs and Rates - To properly analyze a Mortgage Program, the borrower needs to think about how long they plan to keep the loan. If you plan to sell the house in a few years, an adjustable or balloon loan may make more sense. If you plan to keep the house for a longer period, a fixed loan may be more suitable.

3. The Application - The application is the true start of the loan process and usually occurs between days one and five of the start of the loan process. The borrower completes, with the aid of a mortgage professional, the application and provides all required documentation (see section 5). The various fees and closing cost estimates will have been discussed while examining the many Mortgage Programs and these costs will be verified by the Good Faith Estimate (GFE) and a Truth-In-Lending Statement (TIL) which the borrower will receive within three days of the submission of the application to the lender.

4. Processing - Once the application has been submitted, the processing of the mortgage begins. We order the Credit Report, Appraisal and Title Report. The information on the application, such as bank deposits and payment histories are then verified. Any credit derogatories such as late payments, collections and/or judgments require a written explanation. The processor examines the Appraisal and Title Report checking for property issues that may require further investigation. The entire mortgage package is then put together for submission to the lender.

5. Required Documentation - If you are purchasing or refinancing your home, and you are salaried, you will need to provide the past two years of W-2s and one month of pay stubs; if you are self-employed, you will need to provide the past two years of tax returns. If you own rental property, you will need to provide Rental Agreements and the past two years of tax returns. If you wish to speed up the approval process, you should also provide the past three months of bank, stock and mutual fund account statements. Provide the most recent copies of any stock brokerage or IRA/401(k) accounts that you might have. Note that loan documentation varies as do types of loans.

6. Credit Reports - You can be better prepared if you get a copy of your Credit Report before you apply for your mortgage. That way, you can take steps to correct any inaccuracies before making your application.

A Credit Report refers to a consumer credit file, which is made up of various credit reporting agencies. It is a picture of how you paid back the companies you have borrowed money from, or how you have met other financial obligations. See What does my credit score mean for more information.

7. Appraisal - An appraisal of real estate is a key ingredient in determining the value of the property. A lender views the appraisal very critically to ensure its reasonableness, comparing the subject property to other comparable sales in the vicinity. As the appraiser compiles data pertinent to the property, consideration is given to the site, location and amenities, as well as the physical condition, construction and age of the property.

8. Underwriting - Once the processor has put together a complete package with all verifications and documentation, the file is sent to the lender. The underwriter is responsible for determining whether the package is deemed an acceptable loan. If more information is needed, the loan is put into 'suspense' and the borrower is contacted to supply more information and/or documentation. If the loan is acceptable as submitted, the loan is put into an 'approved' status.

9. Closing - Once the loan is approved, the file is eligible for closing. The closing attorney (or title company) schedules a time for the borrower to sign the loan documentation.
At the closing, the borrower should:

• Bring a cashier's check for the down payment and closing costs.
• Review the final loan documents. Make sure that the interest rate and loan terms are what was agreed upon. Also, verify that the names and address of the loan documents are accurate.
• Bring identification (photo id) and proof of insurance.
• Sign the loan documents.