How the Loan Process Works
There can be no question ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a one-page loan application and receive the best loan funded in one day. But Power Purchase Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 is where the process really begins and Power Purchase Mortgage can really save you money. You will give us details about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have gone over this information we will give you a pre-qualification letter. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Because you won't have to worry about these details, you get to think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are deciding when to move in! We take care of the loan details so you can focus on 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!