The Mortgage Loan Process: an Overview
There is no doubt that 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 one day by filling out 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.
There are four important steps involved in obtaining a loan.
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? 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. 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 can start to save you money. You will supply information about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! 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 picking out your new home, we are researching the best loan for you.
Once you have signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date to close. Because you won't need to worry about these details, you get to think about moving logistics, if you're going to repaint, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of the legwork 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!