An Overview of the Mortgage Loan Process

There is no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a loan involves four major steps.

Step one: Decide how much you can afford

This is a function of a couple things. 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 is where the rubber meets the road and Pacificwide Lending can really save you money. You will provide information about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll go over all this information and provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent will 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 shopping for your new home, we're busy researching the loan that's right for you.

Step three: apply now! We make it easy

Once you have signed 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 website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date to close. Since you don't have to worry about these details, you get to 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 online, and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call Pacificwide Lending at 9254610500. Pacificwide Lending answers loan process questions every day.