The Mortgage Loan Process: an Overview

No doubt, a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. But Professional Mortgage Solutions Inc. (237990) does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in getting a loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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. 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 you save the most money. You will give us details on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan couldn't be 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 submitted your loan application, we will order a professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date to close. Because you will not need to worry with this coordination, you get to think about the move, paint colors, new carpet, and the fun parts of getting your new house.

You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! Professional Mortgage Solutions Inc. (237990) is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call Professional Mortgage Solutions Inc. (237990) at 630-717-3600. It's our job to answer lending questions, so we're happy to help!