The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is little question that getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page application and receive a great loan funded in one day. 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. We'll also help you through different scenarios by asking a few simple questions. 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 the process really begins and you save the most money. You will provide details on your current job, your 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. After we have reviewed this information we give you a letter of pre-qualification. Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.
Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date of closing. Since you don't have to worry with this coordination, you can concentrate on moving, paint colors, carpet, and all the details of moving into your new home.
You've answered a few questions, given us 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 the new home that's right for you.
Have questions about the loan process? Call Power Purchase Mortgage at 8005930143. It's our job to answer lending questions, so we're happy to help!