How the Mortgage Loan Process Works

There's little doubt ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage 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.

Getting a loan involves four major milestones.

Step one: determine how much you can borrow

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? 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: complete a pre-qualification

This step is where Power Purchase Mortgage will begin to save you money. You will give us info on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided 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 picking out the home that's right for you, we are looking for the best loan program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Because you won't need to worry with this coordination, you can think about the move, painting, carpet, and all the details of moving into your new house.

You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! Power Purchase Mortgage is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??

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