The Mortgage Loan Process: an Overview
There's little question ; getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a one-page loan app and receive the best loan funded in one day. 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.
There are four important steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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: complete a pre-qualification
This is where Price Mortgage Group LLC will start saving you money. You will provide info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run 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 useful tool when you make your offer! Your agent 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 shopping for your new home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Because you will not have to worry with this coordination, you get to think about moving, painting, carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving! Price Mortgage Group LLC is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
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!