About the Loan Process
There is no doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out 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: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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 rubber meets the road and Power Purchase Mortgage can really save you money. You will provide details on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are researching the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date to close. Since you won't have to worry about these details, you get to think about moving logistics, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Power Purchase Mortgage at (877) 226-8191. We answer questions about the loan process every day.