The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out a simple application. But Price Mortgage Group LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
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? 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. 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 is where the process really begins and you save the most money. You will supply details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for your situation.
Once you have signed an 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 site. Finally, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Since you will not need to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're moving in! We do the legwork so you can focus on 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.