How the Loan Process Works

There can be little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a one-page loan app and receive an excellent loan funded the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four primary steps involved in getting a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification

This is where the rubber meets the road and Pacificwide Lending can really save you money. You will provide info about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you've made 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 site. At the end of this step, we'll order an appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date to close. Because you don't need to coordinate this process, you can concentrate on moving logistics, painting, carpet, and all the details of getting a new house.

You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving! Pacificwide Lending is a mortgage specialist; you're not — so we do the work. 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!