Understanding
the Purchase Loan Process
There's
quite a lot to do in order to get a mortgage loan. You would not be researching
mortgage loans if you could get a loan in a single day with a simple
application. But I will do the heavy lifting so you can concentrate on your
life rather than the mortgage loan. There are four primary steps involved in
obtaining a mortgage loan.
Step 1: 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? You can get a good idea of your preferred payment by 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 questions. 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 2: Get Pre-Approved
This
step is where Pacific Funding Mortgage will start saving you money. You will
supply information on your current job, your assets, and residence history.
You'll supply your employment, asset, and residence history information. We get
your permission to run your credit score and report. When we review this
information we will give you a pre-qualification letter. Be careful with this
letter — it is a great tool for buying your new home! Your REALTOR® will likely
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 looking for a new home with your
REALTOR™, we find the best program for you.
Step 3: Getting your offer
accepted
After
you've made an offer and the sellers accept it, you should apply for the loan.
It couldn't be easier, and rest to sure that we will make this process as easy
as possible. After the offer has been accepted and you have applied for your
loan, we will order a professional appraisal on the home.
Step 4: Funding
Your
REALTOR® and the seller's will work together to find an escrow/title company to
handle the funding of your loan. We'll work with this company to ensure the
papers your lender requires are available, and you'll probably likely sign
everything at their office. We
coordinate with this company on your date of closing. Since you won't need to
worry about these details, you can concentrate on moving logistics, if you're
going to repaint, carpet, and all the details of getting your new house.
You've
answered a few questions, given us lots of information, applied, and Before you know it, you'll be moving! Lender Lily is in the
business of mortgage loans; you're not — so we take care of the details.
Doesn't that make sense?
Have
questions about the loan process? Contact Me, I am here to help.