First-Time Homebuyers
How the Loan Process Works
Make no mistake, there’s quite a lot to do in order to get a mortgage. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Pac West Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 you save the most money. You will supply details about your employment, your assets, and residence history. You’ll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have gone over this information we will give you a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you’re shopping 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 an offer and the sellers have accepted, it’s time to apply for the loan. It couldn’t be easier, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the “funding” of the loan and closing of the sale. We’ll work with this company to make sure all the papers your lender will require are in order, and you’ll probably}likely sign everything at their office. We do all the work to coordinate with this company on your date to close. Because you won’t have to worry about this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and all the details of moving into a new house.
Get Started Today
You've answered a few questions, provided detailed information, applied online, and before you know it, you're moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Pac West Home Loans at 909-660-8333. We answer questions about the loan process every day.