How the Loan Process Works
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could fill out a one-page loan app and receive 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.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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? 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: pre-qualify for your loan
This step is where Prime Capital Mortgage Corp can begin to save you money. You will supply info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. When we review this information we will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date of closing. Since you will not have to worry about these details, you can concentrate on the move, paint colors, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving in! Prime Capital Mortgage Corp 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 Prime Capital Mortgage Corp at 248-644-1200. We answer questions about the loan process every day.