How the Mortgage Loan Process Works
Shopping for a mortgage loan? We can assist you! Give us a call at 602-265-5626. Want to get started? Apply Now.
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple mortgage application and receive the best loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 Pinnacle Capital Mortgage can possibly start saving you money. You will supply info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We will review this info then give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. 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
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it 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 decide on an escrow/title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are in order, and you'll likely sign everything at their office. We do all the work to work with with the title company to set your closing date. Since you don't have to worry about these details, you can think about moving, painting, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you'll be moving! 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 Pinnacle Capital Mortgage at 602-265-5626. We answer questions about the loan process every day.