How the Loan Process Works
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information 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 mortgage 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? 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide information on your employment, your assets, and your residence history. You'll supply 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 then provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date to close. Because you won't have to worry about these details, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! Prime Capital Mortgage Corp is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
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.