An Overview of the Mortgage Loan Process
There can be no doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a one-page loan app and get an excellent loan funded the same day. But Pacific Residential Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the process really begins and Pacific Residential Mortgage Corp can really save you money. You will provide info about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we have reviewed this info we provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are researching the best loan program for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company on your date to close. Because you will not need to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Pacific Residential Mortgage Corp at 949-294-8411. Pacific Residential Mortgage Corp answers loan process questions every day.