The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's a lot involved when you get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in one day by filling out 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 primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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? 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: pre-qualify for your loan
This is where Power Purchase Mortgage can start saving you money. You will supply info about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have reviewed all this information we give you a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! 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 shopping for a new house with your agent, we find the best program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date to close. Since you will not need to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and all the details of moving into a new home.
You've answered a few questions, given us lots of information, applied , 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. Power Purchase Mortgage answers loan process questions every day.