How the Mortgage Loan Process Works

There can be little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a one-page mortgage application and receive a great loan funded the same 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 loan.

Step one: Decide on your maximum loan amount

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. 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 will begin saving you money. You will supply information about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we have gone over all this info we will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we're busy researching the loan that's just right for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your date of closing. Because you will not have to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and all the details of moving into your new home.

You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! Power Purchase Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?

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