An Overview of the Loan Process
Shopping for a mortgage loan? We'd be thrilled to talk about your mortgage needs! Call us at (214) 736-9466. Ready to begin? Apply Here
There's a lot to do in order to get a mortgage. You wouldn't be visiting our site if you could fill out a simple loan app and receive the best loan check cut the same day. But Primary Residential Mortgage, Inc. 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: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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: complete a pre-qualification
This is where the rubber meets the road and Primary Residential Mortgage, Inc. can really save you money. You will provide info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). We will review all this information and will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for you.
After you've made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender requires are available, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Since you will not have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Primary Residential Mortgage, Inc. at (214) 736-9466. We answer questions about the loan process every day.