An Overview of the Mortgage Loan Process

There's little question that getting a mortgage is a complex process. You would not be looking up loan information if you could get a loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a 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. 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 can begin to save you money. You will give us details about your current job, 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 (with your permission. When we review this info we provide a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we are looking for the best loan for you.

Step three: apply now! We make it easy

After 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 do it online, right here on our site. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your date to close. Because you won't need to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and the fun parts of getting your new home.

You've answered some few questions, provided detailed information, applied , and before you know it, you're moving in! Power Purchase Mortgage is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??

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