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

There's quite a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could fill out a simple loan app and receive an excellent loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a loan involves four major steps.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where Pacificwide Lending will start to save you money. You will provide details about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this 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. The pre-qual letter gives you buying clout! While you're looking for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your date to close. Since you will not need to worry about these details, you can think about the move, if you're going to repaint, carpet, and the fun parts of getting a new house.

You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.

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