The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and get 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.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 step is where Price Mortgage Group LLC will begin to save you money. You will supply info on 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 finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we're busy finding the loan program that's right for your situation.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Because you will not have to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided 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. Makes sense, doesn't it??
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. We answer questions about the loan process every day.