An Overview of the Mortgage Loan Process
There's no question that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive the best loan check cut in one day. 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.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
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 abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple 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 two: complete a pre-qualification
This step is where Pacific Loan Brokers can start saving you money. You will supply information about your employment, 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, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work 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 coordinate with the title company to set your date to close. Since you will not need to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the details involved in moving into a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Pacific Loan Brokers is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Pacific Loan Brokers at 877-310-6200. Pacific Loan Brokers answers loan process questions every day.