What is the typical home loan process?
What's the difference between pre-qualification and pre-approval?
Once I sign my application am I committed to borrowing money?
Who orders the appraisal, and when is it ordered?
What does "locking my rate" mean?
Do you "sell" your loans?
What are origination and discount points?
What is APR? (Annual Percentage Rate)

What is the typical home loan process?
A typical home mortgage loan process consists of 10 easy steps:
1. Complete the pre-qualification worksheet
2. Pre-purchase consultation with an 1st Nationwide home loan officer
3. Collect and prepare necessary documents for undewriting (W2s, 1099s, bank statements, tax returns)
4. Receive credit approval
5. Obtain a property inspection
6. Loan officer orders home mortgage loan documents
7. Buyer obtains homeowners insurance
8. 1st Nationwide loan experts update you on document status
9. Pre-closing confirmation 7 days prior
10. No hassle, easy, on-time closing!

Click HERE to learn more about 1st Nationwide Mortgage's home mortgage loan process now – or compare mortgage rates online today

What's the difference between pre-qualification and pre-approval?
A mortgage pre-qualification is basically the lenders opinion of your ability to buy or refinance a home. It requires only basic information and no documentation or credit score or debt analysis. A mortgage pre-approval is the underwriter's decision that you are qualified. A credit check and documentation are required and a verified debt to income analysis is completed.

Once I sign my application am I committed to borrowing money?
No. Your pre-closing signatures are non-committal but only allow your mortgage banker to negotiate and approve you for a loan.
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Who orders the appraisal, and when is it ordered?
Your lender will order the appraisal for you. Most contracts have option periods that allow you to dictate when the appraisal are ordered.

What does "locking my rate" mean?
Locking your interest rate refers to guaranteeing a specific interest rate for a specific period of time. Shorter lock periods usually have lower interest rates. For more information or to compare mortgages and rates, contact 1st Nationwide Mortgage’s qualified home mortgage loan experts or call us now!


Do you "sell" your loans?
1st Nationwide serves as both a broker and a banker- meaning we can either service or sell your loan, depending on what best fits your financial situation.
A mortgage banker will originate, process, underwrite, close and fund the loan in-house.
A mortgage broker will sell your loan to an investor who has guaranteed your loan program, and therefore your loan will be serviced and funded by that investor.

What are origination and discount points?
Origination and Discount points are both a percentage of your loan. Usually 1% of the total amount of the loan. (often tax deductible)• • Clients with low or no down payment can still obtain a loan, but will usually pay a slightly higher interest rate.

What is APR? (Annual Percentage Rate)
Usually higher than your quoted interest rate because it includes, in addition to interest, some of the additional costs of obtaining your financing.