The Mortgage Loan Process: an Overview

Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be here on our website if it were possible to complete a one-page application and receive a great loan check cut in one day. But Power Purchase Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 the process really begins and you save the most money. You will supply info on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. 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 when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the offer has been accepted 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 designate a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Because you won't need to worry about these details, you can concentrate on the move, painting, carpet, and the fun parts of getting your new home.

You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! Power Purchase Mortgage is in the business of mortgage loans; you're not — so we do the work. 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.