An Overview of the Loan Process
There can be no doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out a simple application. 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.
There are four primary steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 supply information about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We will review all this info then give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, 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 submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date to close. Because you won't have to coordinate this process, you can think about moving, paint colors, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving in! Price Mortgage Group LLC is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. It's our job to answer lending questions, so we're happy to help!