How the Loan Process Works
Make no mistake, there's quite a lot to do when you get a mortgage. You wouldn't be visiting our website if you could fill out a simple loan app and receive the best loan funded the same day. 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 primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 is where the rubber meets the road and Power Purchase Mortgage can really save you money. You will give us details on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run 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 picking out your new home, we are looking for the loan that best fits your needs.
After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, 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: funding
Your REALTOR® and the seller's will coordinate to decide on a 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 in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you don't need to worry about these details, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! We do the legwork so you can spend your time finding the new home that's right for you.
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!