The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, a lot involved in oder to get a mortgage. You wouldn't be here on our site if it were possible to complete a one-page loan app and get a great loan check cut 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.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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? 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 Prime Capital Mortgage Corp will begin saving you money. You will give us details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. 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 picking out the home that's right for you, we're busy researching the loan that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date of closing. Because you won't need to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We do the mortgage 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.