The Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and receive the best loan check cut in one 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 how much you can afford
This is a function of a couple things. 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? 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 details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your real estate agent, 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 couldn't be easier, and you can apply online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Because you will not have to coordinate this process, you get to concentrate on the move, paint colors, carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! We do the mortgage 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. Power Purchase Mortgage answers loan process questions every day.