How the Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. But Power Purchase Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important 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? 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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will supply info on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we have reviewed this info we will give you a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are finding the best loan program for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date of closing. Since you won't need to worry with this coordination, you get to concentrate on the move, paint colors, carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Power Purchase Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. We answer questions about the loan process every day.