The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple loan app and get an excellent loan funded in one 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.

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. How much of a monthly payment can you afford? 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: complete a pre-qualification

This step is where Precision Mortgage, Inc. can begin to save you money. You will give us info about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will likely use the 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 picking out the home that's right for you, we're busy finding the loan that's right for you.

Step three: apply for your loan

Once you've made the offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Since you won't have to coordinate this process, you get to think about the move, if you're going to repaint, carpet, and the details involved in moving into a new house.

You've answered some few questions, given us detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Precision Mortgage, Inc. at 206-920-1112. Precision Mortgage, Inc. answers loan process questions every day.

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Edward P. Mortimer Jr

MLO # 112693 | Broker License # 110065

7109 114th Ave SE
Newcastle, WA 98056