The Mortgage Loan Process: an Overview
There's quite a lot involved when you get a mortgage. You wouldn't be here on our site if you could complete a simple application and get a great loan funded in one day. But Pacific Loan Brokers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
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: complete a pre-qualification
This is where Pacific Loan Brokers will begin to save you money. You will supply information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your closing date. Because you won't have to worry about these details, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! Pacific Loan Brokers is a mortgage specialist; 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. Pacific Loan Brokers answers loan process questions every day.