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

Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be here on our website if you could complete a simple application and get a great loan check cut the same 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.

Getting a mortgage loan involves four major steps.

Step one: Decide how much you can afford

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. 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 PREMIERE MORTGAGE SERVICES INC. can really save you money. You will provide information about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your real estate agent should 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 agent, we find the best program for you.

Step three: apply for your loan

After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Since you won't need to worry about these details, you get to think about the move, paint colors, carpet, and the fun parts of getting a new home.

You've answered some few questions, provided detailed information, applied , and before you know it, you're 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. PREMIERE MORTGAGE SERVICES INC. answers loan process questions every day.