How the Loan Process Works

There is no question that getting a mortgage is a complicated process. You wouldn't be visiting our website if you could complete a simple application and receive an excellent loan check cut in one day. But Pacificwide Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 Pacificwide Lending will start saving you money. You will give us info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! 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 just right for your situation.

Step three: apply now! We make it easy

Once you have made an offer and the sellers accept it, you should apply for the loan. 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 applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

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 work with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Because you won't have to worry with this coordination, you can think about moving, paint colors, new carpet, and the details involved in moving into your new home.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can spend your time finding your new home.

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