How the Loan Process Works
No doubt, quite a lot to do when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. But Pacific Loan Brokers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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: pre-qualify for your loan
This is where the process really begins and Pacific Loan Brokers can really save you money. You will give us info about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We will go over this information then will give you a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Since you won't need to worry with this coordination, you can concentrate on the move, painting, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Pacific Loan Brokers at 877-310-6200. Pacific Loan Brokers answers loan process questions every day.