How the Loan Process Works
There can be no doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page mortgage application and get a great loan funded in one day. 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
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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 step is where Prime Capital Mortgage Corp will start saving you money. You will give us info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we have gone over this info we provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your real estate agent, we find the best program for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you don't have to worry with this coordination, you get to concentrate on the move, painting, new carpet, and all the details of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! Prime Capital Mortgage Corp is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
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.