About the Loan Process
There's no question ; getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to complete a one-page loan application and receive a great loan check cut the same 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 you save the most money. You will give us information about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review this info then will give you a pre-qualification letter. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for your unique situation.
Once you have signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date to close. Because you don't have to coordinate this process, you can think about moving, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Peoples Discount Mortgage at 909-660-8333. Peoples Discount Mortgage answers loan process questions every day.