About the Mortgage Loan Process
Make no mistake, there's 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 the best loan check cut the same day. We do 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 main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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 quewstions. 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: pre-qualify for your loan
This is where the rubber meets the road and PREMIERE MORTGAGE SERVICES INC. can really save you money. You will provide information about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will go over this information and give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate 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 researching the loan that's right for your unique situation.
Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you will not need to worry with this coordination, you get to think about moving, if you're going to repaint, new carpet, and the details involved in moving into your new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you're moving 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 PREMIERE MORTGAGE SERVICES INC. at 978-422-2311. It's our job to answer lending questions, so we're happy to help!