The Mortgage Loan Process: an Overview
There's quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. 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 primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
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? 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 can start saving you money. You will provide details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are looking for the loan that best fits your needs.
Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Because you don't need to coordinate this process, you get to think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. We answer questions about the loan process every day.