The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in a single 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 mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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 rubber meets the road and Power Purchase Mortgage can really save you money. You will provide information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll review this info and will provide a letter of pre-qualification. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan program that's right for your situation.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work 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 the title company to set your date of closing. Because you will not need to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! Power Purchase Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
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!