The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a simple application and get the best loan check cut the same day. 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: Decide how much you can afford

This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan

This is where the rubber meets the road and Power Purchase Mortgage can really save you money. You will give us info 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, of course). When we review this information we give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we're busy researching the loan that's right for your unique situation.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Since you will not have to worry with this coordination, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into your new home.

You've answered a few questions, given us detailed information, applied , and the next thing you know, you're deciding when to move in! Power Purchase Mortgage is a mortgage specialist; 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 8005930143. We answer questions about the loan process every day.