About the Mortgage Loan Process
There's a lot to do in oder to get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in one day with a simple application. But Power Purchase Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply details on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have reviewed all this info we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Since you won't need to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! Power Purchase Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Power Purchase Mortgage at (877) 226-8191. Power Purchase Mortgage answers loan process questions every day.