The Loan Process: an Overview
There's quite a lot to do when you get a mortgage. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. We do 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 how much you can afford
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. 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 begin to save you money. You will supply info about your employment, your assets, and your residence history. You'll give us 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 the provided information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® should 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 looking for a new house with your real estate agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date of closing. Since you will not have to coordinate this process, you get to think about moving, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! 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. It's our job to answer lending questions, so we're happy to help!