The Mortgage Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could fill out a one-page loan app and get the best loan check cut the same day. 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 getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 process really begins and you save the most money. You will supply details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are finding the best loan for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not be much easier; you can apply online right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" 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 their officeWe do all the work to work with with this company to set your date to close. Because you will not need to worry about these details, you get to think about the move, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! Peoples Discount Mortgage is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Peoples Discount Mortgage at 909-660-8333. It's our job to answer lending questions, so we're happy to help!