The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in getting a loan.
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Power Purchase Mortgage can start to save you money. You will supply information about your employment, assets, and your residence history. You'll give us 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 your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan that's right for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date to close. Since you won't need to worry about these details, you get to concentrate on moving, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us detailed information, applied online, and before you know it, you're moving in! Power Purchase Mortgage is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. We answer questions about the loan process every day.