How the Mortgage Loan Process Works
There's little doubt that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a simple loan app and get the best loan check cut in one day. 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.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 will begin saving you money. You will supply information on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. We'll review this information then give you a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your real estate agent, we find the best program for you.
After you've made the offer and the sellers accept it, you should 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 applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your date to close. Because you don't need to coordinate this process, you can concentrate on the move, painting, new carpet, and all the details of getting a new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details 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!