The Mortgage Loan Process: an Overview
There is little question that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out a simple application. But Price Mortgage Group LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where Price Mortgage Group LLC will begin to save you money. You will provide info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your REALTOR® will likely use your 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 shopping for your new house with your agent, we find the best program for you.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your closing date. Since you won't need to coordinate this process, you can think about the move, paint colors, carpet, and the details involved in getting a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Price Mortgage Group LLC is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. We answer questions about the loan process every day.