How the Mortgage Loan Process Works

Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. We do 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 mortgage loan involves four major steps.

Step one: Decide how much you can afford

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? 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 on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we have reviewed all this info we give you a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your agent will 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 picking out your new home, we're busy finding the loan that's right for you.

Step three: apply now! We make it easy

After you've 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 website. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Because you won't have to coordinate this process, you get to think about moving logistics, painting, new carpet, and the fun parts of moving into a new home.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding your new home.

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!