The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's a lot to do in oder to get a mortgage. You would not be researching mortgage loans if it were possible to 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.
Getting a loan involves four major steps.
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. 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 is where the process really begins and Prime Capital Mortgage Corp can really save you money. You will provide info about your current job, 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 this information we provide a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your closing date. Since you don't need to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! Prime Capital Mortgage Corp is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Prime Capital Mortgage Corp at 248-644-1200. It's our job to answer lending questions, so we're happy to help!