The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

No doubt, a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive a great loan check cut the same day. 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 steps.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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. 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 step is where Power Purchase Mortgage can begin saving you money. You will supply info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Since you will not have to worry about these details, you can think about moving, painting, new carpet, and the details involved in getting your new home.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! Power Purchase Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Power Purchase Mortgage at 8005930143. We answer questions about the loan process every day.