How the Mortgage Loan Process Works

There's quite a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a 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.

Getting a mortgage loan involves four major steps.

Step one: determine how much you can borrow

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? 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. 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: pre-qualify for your loan

This step is where Power Purchase Mortgage can start to save you money. You will give us details on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We'll go over all this information and will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply right here on our site. When the time is right, we will order the appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Because you will not have to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of getting your new home.

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

Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. We answer questions about the loan process every day.