The Loan Process: an Overview
There's little question ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a one-page loan application and receive a great loan check cut the same day. But PREMIERE MORTGAGE SERVICES INC. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 PREMIERE MORTGAGE SERVICES INC. can begin saving you money. You will give us info on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. When we review all this information we will give you a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Because you will not need to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are moving in! PREMIERE MORTGAGE SERVICES INC. is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call PREMIERE MORTGAGE SERVICES INC. at 978-422-2311. PREMIERE MORTGAGE SERVICES INC. answers loan process questions every day.