The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be no doubt ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a loan in a single 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.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This is where the process really begins and Power Purchase Mortgage can really save you money. You will provide info on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. 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. While you're deciding on the home that's right for you, we're busy researching the loan program that's right for your unique situation.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all 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 of closing. Since you will not have to coordinate this process, you can concentrate on the move, painting, carpet, and the fun parts of getting your new house.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Power Purchase Mortgage at (800)593-0143. It's our job to answer lending questions, so we're happy to help!