Get preapproved for a mortgage loan at a backyard BBQ

Why go to the big banks for a painful home loan experience when you can visit the friendly Real Estate Loan Consultants (RELCs) of First Entertainment?

From searching to signing, this story will get you ready for the experience and demonstrates how we make the process as easy as putting on a backyard BBQ!

Amelia wanted to buy her first home. She had been a graphic designer for five years, saved some money, and had dreamed about the cute little house she wanted down by the beach. She was told by Uncle Henry at the family BBQ last weekend that she should apply for her mortgage loan ahead of time. She went into the local bank’s office and tried to get “pre-approved”. Poor Amelia left there feeling intimidated by the pushy loan officer, confused, and uncertain about all of the required paperwork.

The next day Amelia called Uncle Henry and told him about her frustrations with the bank. He had been a Set Painter for many years, and responded, “I thought I told you to go to First Entertainment Credit Union, and talk with one of their Loan Consultants. I’ve been a member there for 20 years! Just call their toll-free number, and set up an appointment to meet with a Loan Consultant at a local branch. You might want to review some information on their website.  Even I can use their firstent.org/realestate, and you know how I am with computers. Let me know how it goes, or if you want me to go with you.”

Amelia called and set up an appointment with a friendly Loan Consultant at First Entertainment. She thought that the Loan Consultant was polite and professional, and not pushy at all, like at that bank down the street. The Loan Consultant told Amelia to have some information handy, including personal and employment information, and to provide certain documents.  

  • She provided copies of two of her most recent paystubs and the last two years’ of W-2 forms. If Amelia had been self-employed she would have provided tax returns and 1099s, if applicable.
  • She provided a copy of her deposit and asset (401K, IRA) statements for the past 2 months.
  • She was ready with her personal and employment information to complete the application.
  • She had a budget already prepared, and had a payment amount in mind that was comfortable for a home loan.

The Loan Consultant walked Amelia through the application, and it only took about 20 minutes to complete it online. The process was pretty easy, because Amelia had all of the information at hand. She knew about credit and FICO scores, and the Loan Consultant discussed it all with her. She really wanted to move into a home in the next few months, so the Loan Consultant even asked her if she needed help in finding a realtor. She really appreciated the offer, but Amelia’s cousin Jenny’s husband’s uncle was a realtor. If she changed her mind, she knew she could refer to firstent.org/realestate for more information.

Amelia got preapproved and called Uncle Henry, to tell him the exciting news. “You were right, they were so friendly, and I got preapproved! There weren’t any upfront fees, and the preapproval application was free! They explained everything to me, and will be there for me during the whole process. The Loan Consultant took time to explain the different products, how much money I’ll need to buy a home, the escrow, title and appraisal processes. I learned that my Loan Consultant will work with the real estate broker and/or seller to ensure the escrow is set up, and that the title insurance policy and the appraisal will be ordered quickly.

Once I find my home I will let them know. They will keep in contact with me to coordinate everything. They will also schedule the closing with the real estate broker and the seller for signing the loan documents.  I’m on my way to being a homeowner!  They were all great! Now I just need to get Jenny’s husband’s uncle to help me find my house! It looks like I’ll even get to keep my gym membership; after all I’m going to need to stay in shape when I move to my new home at the beach.

Thanks, Uncle Henry, for telling me about First Entertainment Credit Union. I can see why you always go there to get your loans. See you next weekend, at the family reunion.”

Written by Kaaron Williams, Director of Real Estate