An Overview of the Mortgage Loan Process

No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. But Peoples Discount Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining 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? 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: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will give us info on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching 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 complete the loan application. It's very easy, and you can do it online, right here on our site. When the time is right, we will order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. 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 work with with the title company on your date to close. Because you will not have to coordinate this process, you can concentrate on moving, paint colors, carpet, and the details involved in moving into your new home.

You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! Peoples Discount Mortgage is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Peoples Discount Mortgage at 909-660-8333. Peoples Discount Mortgage answers loan process questions every day.

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