The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot involved in oder to get a mortgage. You would not be researching mortgage loans if you could 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: Decide on your maximum loan amount
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: pre-qualify for your loan
This is where Price Mortgage Group LLC will start saving you money. You will provide info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. When we review all this info we give you a letter of pre-qualification. Be careful with this letter — it can be a great 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 shopping for the home that's right for you, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your date to close. Because you will not need to worry with this coordination, you get to think about moving, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're moving in! We do the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Price Mortgage Group LLC at 405-513-7700. We answer questions about the loan process every day.