The Loan Process: an Overview
There is little doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage 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.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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 provide information on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted 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 coordinate to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date to close. Since you don't need to worry about these details, you can concentrate on moving logistics, painting, new carpet, and all the details of moving into your new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of the legwork so you can focus on finding your new home.
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!