An Overview of the Mortgage Loan Process

There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. 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 obtaining a loan.

Step one: Decide how much you can afford

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? 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. 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 rubber meets the road and Pacificwide Lending can really save you money. You will supply information on your current job, assets, and residence history. You'll give us 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. 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. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date to close. Since you will not have to worry with this coordination, you get to think about the move, paint colors, carpet, and the details involved in moving into a new house.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! Pacificwide Lending is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

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!