The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no question that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and get a great loan funded in one 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.
There are four important steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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. 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: complete a pre-qualification
This step is where Prime Capital Mortgage Corp will begin to save you money. You will provide info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We'll go over this info then give you a letter of pre-qualification. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't be much easier; you can apply online right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Because you won't have to coordinate this process, you can think about moving, if you're going to repaint, carpet, and the details involved in getting a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
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.