The Mortgage Loan Process: an Overview
There can be no question that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a simple application and receive the best loan check cut the same day. But Presus Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
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 questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This step is where Presus Mortgage will start to save you money. You will give us information about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Since you won't have to worry with this coordination, you can concentrate on moving, if you're going to repaint, carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're moving in! We do the mortgage legwork so you can focus on finding your new home.