About the Mortgage Loan Process

There can be no doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a loan in one 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 milestones.

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? 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 to save you money. You will give us details on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply 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

The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your closing date. Since you don't need to worry with this coordination, you can concentrate on moving logistics, paint colors, carpet, and the details involved in moving into your new house.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.

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