How the Loan Process Works
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a simple mortgage application and get a great 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.
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. 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 is where Peerless Residential Mortgage can start saving you money. You will give us details about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). When we review all this information we give you a pre-qualification letter. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will 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 the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your closing date. Since you will not need to worry with this coordination, you can think about moving logistics, painting, new carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move 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 Peerless Residential Mortgage at (513) 713-1515. Peerless Residential Mortgage answers loan process questions every day.