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The process begins with contacting First Option, and ends with a closed loan.

Contact First Option to get price and perhaps other information that will help you decide whether to proceed. Please understand, just getting a rate means nothing as all rates are subject to your credit history and financial stability. You will need to provide First Option information regarding credit, income, assets and property.

  • First Option will assess the preliminary information and report initial results back to you with a request to move ahead. If agreeing to move ahead, First Option will request your Social Security number so that your credit can be assessed, as well we will ask for income and asset documentation.
  • First Option will assess your credit report and documentation, complete your written application, prepare a packet including a Good Faith Estimate (GFE) and Truth in Lending (TIL) disclosures. These disclosures contain the terms of the loan being offered.
  • First Option will send out the disclosure package that will require your signatures. This will include instructions regarding documents that have to be returned with the signed disclosures. Meanwhile, we will order an appraisal and verify your income and assets, as well as order title insurance.
  • First Option will submit the Loan Application to Processing who will prepare the file for the Underwriting Team to assess the risk of the loan and approve the loan to go to Closing.
  • First Option will contact you at each step of the process to communicate the status of your loan, as well as set-up your closing.
  • First Option professionals and a Closing Attorney will be there when all documentation is signed and notarize the loan.
What is usually a long drawn-out procedure was made quick and painless. Your timely updates and constant communication was outstanding. The Lestinas