The Loan Process: Four Steps

There's a lot to do when you get a mortgage. You wouldn't be here on our site if you could fill out a one-page loan app and receive the best loan funded in one 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 questions. 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 step is where Pacificwide Lending will start saving you money. You will give us info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we have reviewed this info we will give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan program that's right for you.

Step Three: Apply Now! We Make It Easy

Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not be 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 submitted your loan application, we will order the professional appraisal on the home.

Step Four: Your Loan Is Funded

Your real estate agent and the sellers will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will require are available, and you'll probably sign everything at their office. We will work with the title company on your closing date. Because you won't have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new home.

Once you've answered a few questions, provided lots of information, and applied online, you'll be ready to move sooner than you think! We take care of all the loan details so you can focus on finding the new home that's right for you.