An Overview of the Loan Process
There is little doubt ; getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to complete a one-page loan app and get an excellent 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.
There are four primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan
This is where the process really begins and PREMIERE MORTGAGE SERVICES INC. can really save you money. You will provide information on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy researching the loan that's just right for you.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be 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'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Since you don'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 your new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of 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 PREMIERE MORTGAGE SERVICES INC. at 978-422-2311. We answer questions about the loan process every day.