About the Mortgage Loan Process
Make no mistake, there's a lot to do when you get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. 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 home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where Power Purchase Mortgage can begin to save you money. You will give us details about your current job, your 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 reviewed this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new home with your agent, we find the best program for you.
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. Finally, we'll order the 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. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Because you will not need to worry about these details, you can concentrate on moving logistics, painting, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you are moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. Power Purchase Mortgage answers loan process questions every day.