How the Mortgage Loan Process Works
Shopping for a mortgage? We'd be thrilled to talk about your mortgage needs! Give us a call at (925) 560-7644. Ready to begin? Apply Here
There's quite a lot involved in order to get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. 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.
Getting a home loan involves four major milestones.
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. 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 PFS Funding can start to save you money. You will provide details about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We will review this info and provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will require are available, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your closing date. Because you will not have to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call PFS Funding at (925) 560-7644. PFS Funding answers loan process questions every day.