The Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Prime Capital Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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 give us info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). We will go over this info and will provide a letter of pre-qualification. Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we're busy finding the loan program that's right for your situation.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Since you will not need to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! Prime Capital Mortgage Corp is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Prime Capital Mortgage Corp at 248-644-1200. We answer questions about the loan process every day.