The Loan Process: an Overview
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be here on our site if it were possible to complete a simple application and receive the best loan check cut in one 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 primary steps involved in getting a mortgage 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. 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 step is where Price Mortgage Group LLC will start saving you money. You will give us info on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! 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 deciding on your new home, we are looking for the best loan program for you.
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
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 will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date to close. Because you will not need to worry about these details, you get to think about the move, paint colors, new carpet, and the details involved in getting a new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We do the mortgage 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. It's our job to answer lending questions, so we're happy to help!