The Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be here on our site if you could fill out a simple loan app and receive the best 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.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 step is where Power Purchase Mortgage will begin saving you money. You will give us details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we have reviewed all this info we will give you a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we're busy researching the loan that's just right for your situation.
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for a 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'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Because you will not need to worry about these details, you get to concentrate on the move, paint colors, carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Power Purchase Mortgage at 8005930143. We answer questions about the loan process every day.