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

There is no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if you could fill out a simple loan app and get the best loan check cut in one day. But Peerless Residential Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major milestones.

Step one: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 Peerless Residential Mortgage can really save you money. You will provide information on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Since you will not have to worry about these details, you can concentrate on moving logistics, painting, carpet, and all the details of getting a new house.

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 spend your time finding the new home that's right for you.

Have questions about the loan process? Call Peerless Residential Mortgage at (513) 713-1515. We answer questions about the loan process every day.

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