The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Searching for a mortgage loan? We'd be thrilled to answer your questions about your mortgage needs! Call us at 714 969-3112. Ready to begin? Apply Now
There can be little question that getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to complete a simple application and receive an excellent 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.
There are four important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 step is where Pacific Coast Funding can start to save you money. You will provide details about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. When we review all this information we will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are finding the loan that best fits your needs.
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date to close. Because you don't have to worry with this coordination, you can concentrate on moving logistics, painting, carpet, and the fun parts of getting a new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you are 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 Pacific Coast Funding at 714 969-3112. It's our job to answer lending questions, so we're happy to help!