The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little question that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page loan application and get an excellent loan funded in one day. But Price Mortgage Group LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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? 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: pre-qualify for your loan
This is where Price Mortgage Group LLC will begin to save you money. You will provide details on 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). We will go over this information then will provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. 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 real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you won't need to worry with this coordination, you get to think about moving, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can focus on finding your new home.
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!