The Mortgage Loan Process: an Overview

There's no question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

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? 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. 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 step is where Price Mortgage Group LLC will begin to save you money. You will provide details about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We'll review this information then will provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's just right for your unique situation.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, 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 coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date to close. Because you don't have to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting a new house.

You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! We do the mortgage 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. Price Mortgage Group LLC answers loan process questions every day.