The Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage. You wouldn't be visiting our website if it were possible to complete a one-page loan app and receive the best loan funded the same day. 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply details about your employment, 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 (with your permission, of course). We'll go over this info and will give you a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Since you don't have to worry about these details, you can concentrate on moving, painting, carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! Prime Capital Mortgage Corp is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Prime Capital Mortgage Corp at 248-644-1200. We answer questions about the loan process every day.