The Mortgage Loan Process: An Overview

There's quite a lot to do in order to get a mortgage loan. You wouldn't be looking up loan information if it were possible to 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.

Step One: Decide how much you can afford

A couple of factors determine this amount. 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 the rubber meets the road and Primary Residential Mortgage Inc. can really save you money. You will give us info about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide you with a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! 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 home with your Realtor®, we find the best program for you.

Step Three: Apply! We make it easy

Once you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; reach out to us any time online or at our office.  After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step Four: Your loan is funded

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are available, and you'll likely sign all these papers at their office. We will work with the title company on your date of closing. Because you won't need to coordinate this process, you can think about moving, paint colors, new carpet, and all the details of moving into a new house.

Once you've answered a few questions, given us detailed information, and applied online, you'll be moving in before you know it! We do the legwork so you can focus on finding the new home that's right for you.

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