What To Expect

The Process in Layman’s Terms

The First National Mortgage process is intended to provide quality products in a timely fashion. Preparation is key to ensure a stress-free process, so here’s a quick breakdown of the steps in the process:

  1. Pre-Qualifying – Use our mortgage calculator to figure out what you can realistically afford in order to start your shopping. Unlike many lenders, we recommend being conservative in your estimates. We’d rather see you comfortable with a slightly smaller loan than strapped with a larger one.
  2. Applying for a Loan – Contact us electronically, by phone 763-241-3637 or in person. Once you have located your property of choice (or determined that you’re ready to refinance), it’s time to begin the formal application process. Check out our Practical Application Checklist to make sure you have what you need to get going.
  3. Selecting the Specific Type of Loan – After reviewing your application and discussing your short and long-term goals, your Mortgage Banker will work with you to select a specific loan that will meet your needs. Options include: Fixed Rate Loans, Variable Rate Loans, FHA & VA Loans.
  4. Loan Processing / Approval – This step is typically the longest in the process. During this step your Mortgage Banker is hard at work validating your income, arranging for a property appraisal, and completing the necessary paperwork in order to determine whether or not your loan will be approved. (Expect periodic updates from your mortgage banker each step of the way.)You’ll be asked to sign several documents in order to finalize your loan. Once your signed documents are received, your Mortgage Banker will complete the necessary paperwork to prepare for the closing of your loan.
  5. Closing – Generally speaking, the closing consists of the verification and signing of the legal documents necessary to complete the transaction, and the exchange of funds (your down payment and any necessary closing costs). The closing typically takes place at the offices of a title company and/or in front of a notary public.