The Loan Process: an Overview
There's a lot to do in oder to get a mortgage. You wouldn't be researching mortgage loans if you could 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 main steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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: pre-qualify for your loan
This is where Price Mortgage Group LLC can begin saving you money. You will supply info about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). When we review all this info we will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we will order the 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" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you don't have to worry about these details, you can think about the move, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! Price Mortgage Group LLC is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. We answer questions about the loan process every day.