How the home loan process works
There are four primary steps in getting a home loan.
Step one: determine how much of a home loan you can borrow
This is a function of a couple things.
1) What kind of monthly payment are you looking for?
2) What is the maximum amount you can borrow from a lender, given your income and credit history?
You can get a good idea of your preferred payment by using the calculators on our website.
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
For pre-qualification, we’ll want information on your employment, assets, and your residence history, then your permission to pull your credit score and report. After we've reviewed the information, we'll provide you with a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home.
For more leverage in the home buying process, know the difference between a pre-qualification and pre-approval letter.
Step three: apply for your home loan!
After you've signed an offer and the seller(s) accept it, it's time to apply for your loan, or mortgage. Applying for your home loan could not get any easier! You can apply online right here on our site.
Step four: funding
Your real estate agent(s) will find an escrow and title company to handle the "funding" and closing. We'll work with this neutral third-party company to ensure the lender papers are in order, and you'll likely sign everything at their office. We’ll also work with the escrow company to set your date to close.
You've answered a few questions, given us detailed information, applied, and before you know it, you'll be moving! We'll take care of the loan details so you can handle the details of your move. Have additional questions about the loan process? Contact Primary Residential Mortgage, Inc. by completing the form below.