How the Mortgage Loan Process Works
There can be no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a 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 important steps involved in obtaining a loan.
Step one: Decide how much you can afford
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? 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 the process really begins and you save the most money. You will give us details on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we have gone over this info we provide a pre-qualification letter. Your agent will likely 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 are looking for the best loan for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Because you will not have to worry with this coordination, you get to think about moving, if you're going to repaint, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! Prime Capital Mortgage Corp is in the business of mortgage 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.