About the Mortgage Loan Process
No doubt, a lot involved when you get a mortgage loan. You wouldn't be here on our website if it were possible to complete a one-page loan application and receive an excellent loan funded in one day. But Power Purchase Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage 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. We'll also help you through different scenarios by asking a few simple questions. 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 provide information about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. When we review all this information we give you a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Since you will not have to coordinate this process, you get to concentrate on the move, painting, new carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are moving in! Power Purchase Mortgage is in the business of loans; 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. We answer questions about the loan process every day.