How the Loan Process Works
There's quite a lot involved in oder to get a mortgage. You would not be looking up loan information if you could get a 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.
Getting a home loan involves four major milestones.
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? 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 the rubber meets the road and you save the most money. You will supply details on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great 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 looking for a new house with your agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Since you will not have to worry about these details, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into your new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you are moving in! Pacificwide Lending is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
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!