The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could complete a one-page loan app and get an excellent loan check cut in one day. But Prime Capital Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Prime Capital Mortgage Corp can really save you money. You will provide info about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! 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 deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Once you've made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date to close. Because you will not have to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and all the details of getting your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Prime Capital Mortgage Corp at 248-644-1200. Prime Capital Mortgage Corp answers loan process questions every day.