An Overview of the Loan Process
There can be no question that getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a simple loan app and get the best loan funded the same 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.
There are four primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 give us information on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we have reviewed all this info we give you a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, 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: funding
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan. 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 all these papers at this company's officeWe do all the work to work with with the title company to set your closing date. Since you don't need to worry with this coordination, you can think about the move, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Price Mortgage Group LLC is in the business of mortgage loans; 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!