The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is little doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one 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 primary steps involved in getting a loan.
Step one: determine how much you can borrow
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Pacificwide Lending will start saving you money. You will supply details about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll go over all this info then provide a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! 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 have made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Because you won't need to worry with this coordination, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Pacificwide Lending at 9254610500. We answer questions about the loan process every day.