The Loan Process: Four Steps
No doubt, a lot to do in order to get a mortgage loan. You wouldn't be here on our website if you could fill out a simple application and receive the best loan funded in one day. But Pacific Mortgage Consultants does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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? You can get a good idea of your preferred payment amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 the process really begins and you save the most money. You will supply details on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualification letter. With this letter, your Realtor® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step Four: Your loan is funded
Your Realtor® and the sellers will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably sign everything at their office. We will work with this company on your date to close. Since you don't need to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and all the details of getting your new house.
After you have answered some few questions, provided detailed information, and applied, you'll be moving in before you know it! Pacific Mortgage Consultants is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?