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 loan. You would not be researching mortgage loans if you could get a loan in a single 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.
There are four primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 rubber meets the road and Price Mortgage Group LLC can really save you money. You will provide info on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We'll review all this info and provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy finding the loan program that's right for your unique 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 website. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your closing date. Since you won't need to coordinate this process, you get to think about the move, painting, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details so you can focus on 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.