An Overview of the Loan Process
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if you could fill out a simple application and get a great loan funded 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.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 you save the most money. You will provide info about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we're busy researching the loan that's right for your unique situation.
Once you've made the offer and it's been accepted, you should complete the loan application. 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 applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The 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 requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company on your closing date. Because you don't need to worry with this coordination, you can concentrate on the move, painting, new carpet, and the details involved in moving into a new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! Prime Capital Mortgage Corp is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
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.