About the Mortgage Loan Process
There's no doubt that getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Pacific Loan Brokers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where the rubber meets the road and Pacific Loan Brokers can really save you money. You will supply information on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Since you don't need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and all the details of getting a new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! Pacific Loan Brokers is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Pacific Loan Brokers at 877-310-6200. It's our job to answer lending questions, so we're happy to help!