The Mortgage Loan Process: An Overview
There is little doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if you could fill out a simple application and receive the best 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.
Step One: Decide how much you can afford
A couple of factors determine this amount. 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? 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 the rubber meets the road and you save the most money. You will supply details on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your Realtor® will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Step Three: Apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. Finally, we'll order the appraisal of your new home.
Step Four: Your loan is funded
Your real estate agent and the sellers will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll likely sign everything at this company's office. We will coordinate with the title company to set your closing date. Since you don't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in moving into a new home.
Once you've answered a few questions, given us lots of information, and applied, you'll be moving in before you know it! Prestige Home Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?