About the Loan Process
There's little question that getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a one-page mortgage application and receive the best loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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 the process really begins and you save the most money. You will supply information about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. We'll review all this information and will provide a letter of pre-qualification. Be careful with this letter — it can be a useful 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 house with your REALTOR™, 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 couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Because you will not have to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can spend your time 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.