The Loan Process: an Overview
In the market for a new mortgage? We'll be glad to talk about your mortgage needs! Call us in Le Mars at 712-546-4175, in Sioux Center at 712-722-4545, or in Sioux City at 712-224-5400. Want to get started? Apply Now
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Primebank does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
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 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 Primebank will start to save you money. You will provide information on your current job, your assets, and your residence history. We pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! 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 looking for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order and you will probably sign everything at their office. We do all the work to work with the title company to set your closing date. Because you will not have to coordinate this process, you get to think about moving logistics, painting, carpet, and all the details of getting your new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call us in Le Mars at 712-546-4175, in Sioux Center at 712-722-4545, or in Sioux City at 712-224-5400. We answer mortgage loan questions regarding the loan process every day.