How the Mortgage Loan Process Works
There's little doubt ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a one-page mortgage application and receive an excellent loan check cut the same 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 getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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 is where the process really begins and you save the most money. You will provide info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We 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. The pre-qual letter gives you buying clout! While you're looking for your new house with your real estate agent, we find the best program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we'll order an appraisal of your new 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 work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you won't need to coordinate this process, you get to concentrate on the move, paint colors, carpet, and all the details of getting a new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! We take care of the mortgage legwork 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. Power Purchase Mortgage answers loan process questions every day.