The Four Steps of the Loan Process:The Loan Process: Four Steps
There's little doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page application and get the best loan funded the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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: complete a pre-qualification
This is where Power Purchase Mortgage will begin to save you money. You will provide info about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we have reviewed all this information we will give you a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your closing date. Since you won't need to worry about these details, you can think about moving logistics, painting, carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. It's our job to answer lending questions, so we're happy to help!