About the Loan Process
There's quite 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 receive an excellent loan funded in one 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 steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will provide info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your real estate agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you will not need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Prime Capital Mortgage Corp is in the business of 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.