How the Mortgage Loan Process Works
There can be no question ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a loan in one day by filling out 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: Decide how much you can afford
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? 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. 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 will begin to save you money. You will give us information about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review this information and will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy researching the loan that's right for you.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a 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 work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company on your date to close. Because you won't need to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of the loan details so you can spend your time finding your new home.
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!