The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's no question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. 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 milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy researching the loan that's just right for your unique situation.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. 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 coordinate to decide on 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 needs are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Since you don't need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Pacificwide Lending is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Pacificwide Lending at 9254610500. It's our job to answer lending questions, so we're happy to help!