The Mortgage Loan Process: an Overview
There's quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple mortgage application and receive an excellent loan funded in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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 is where Power Purchase Mortgage will begin saving you money. You will provide details on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the best loan for you.
Once you have made an 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 offer has been accepted and you have applied for your loan, 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" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your date to close. Since you will not need to worry with this coordination, you can concentrate on the move, paint colors, new carpet, and the details involved in getting your new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are moving in! Power Purchase Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. We answer questions about the loan process every day.