The Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one day with 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 home loan involves four major steps.
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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This step is where Price Mortgage Group LLC will start to save you money. You will give us details on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent 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 a new home with your agent, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Because you will not need to coordinate this process, you get to concentrate on moving, paint colors, carpet, and the fun parts of getting a new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! 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. We answer questions about the loan process every day.