How the Loan Process Works
There is no doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage 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 on your maximum loan amount
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: pre-qualify for your loan
This is where Price Mortgage Group LLC can begin to save you money. You will give us information on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will review all this info and give you a letter of pre-qualification. 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 shopping for your new home, we are researching the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Since you won't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We do the legwork so you can spend your time 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!