The Loan Process: an Overview

Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single 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.

There are four primary steps involved in obtaining a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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: complete a pre-qualification

This step is where Power Purchase Mortgage will start to save you money. You will supply info about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Because you will not need to worry with this coordination, you get to think about the move, paint colors, carpet, and all the details of moving into a new home.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! Power Purchase Mortgage is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. Power Purchase Mortgage answers loan process questions every day.