The Mortgage Loan Process: an Overview
No doubt, a lot to do when you get a mortgage loan. You wouldn't be visiting our website if you could fill out a simple loan app and receive an excellent loan check cut the same day. But Price Mortgage Group LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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. 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 process really begins and you save the most money. You will give us details about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we have reviewed this info we provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan that's right for you.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date to close. Because you don't have to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. Price Mortgage Group LLC answers loan process questions every day.