How the Loan Process Works

There is little doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to complete a simple loan app and get the best loan check cut the same day. But Pacificwide Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

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

Step one: determine how much you can borrow

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification

This is where the process really begins and Pacificwide Lending can really save you money. You will provide info on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan that's just right for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date to close. Because you don't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of getting your new home.

You've answered a few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! Pacificwide Lending is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call Pacificwide Lending at 9254610500. Pacificwide Lending answers loan process questions every day.