The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans 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 getting a mortgage loan.
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? 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply information about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your agent will 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 REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you don't need to coordinate this process, you can concentrate on the move, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. We answer questions about the loan process every day.