The Loan Process: an Overview
There can be no question that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to complete a simple loan app and receive an excellent loan funded 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 home loan involves four major steps.
Step one: Decide on your maximum loan amount
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. 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: pre-qualify for your loan
This is where the process really begins and Power Purchase Mortgage can really save you money. You will supply information about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Because you don't have to worry about these details, you get to think about moving logistics, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! Power Purchase Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
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!