The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little question ; getting a mortgage is a complex 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 loan involves four major milestones.
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where Power Purchase Mortgage will start to save you money. You will give us details on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Because you will not need to worry about these details, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Power Purchase Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
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!