The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's quite a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in one day with a simple application. 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.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. We'll also help you through different scenarios by asking a few simple questions. 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 Peoples Discount Mortgage will start saving you money. You will provide information about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Since you will not need to coordinate this process, you can think about the move, paint colors, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving! Peoples Discount Mortgage is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Peoples Discount Mortgage at 909-660-8333. Peoples Discount Mortgage answers loan process questions every day.