The Loan Process: an Overview
No doubt, a lot to do in oder to get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. 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 important steps involved in getting a loan.
Step one: determine how much you can borrow
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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will supply info on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Because you won't have to worry about these details, you can think about the move, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! Price Mortgage Group LLC is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. It's our job to answer lending questions, so we're happy to help!