The Mortgage Loan Process: an Overview

Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four primary steps involved in obtaining a loan.

Step one: determine how much you can borrow

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? 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 step is where Pacificwide Lending can begin saving you money. You will provide information about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review all this information we give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® 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 shopping for your new home, we are researching the loan that best fits your needs.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Since you won't have to coordinate this process, you can think about moving logistics, paint colors, carpet, and the fun parts of moving into your new house.

You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! Pacificwide Lending 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 Pacificwide Lending at 9254610500. Pacificwide Lending answers loan process questions every day.