The Loan Process: An Overview
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be here on our website if you could fill out a simple loan application and receive an excellent loan check cut the same day. But Pinnacle Lending Group inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Determine how much you can borrow
A couple of factors determine this amount. 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: Pre-qualify for your loan
This step is where Pinnacle Lending Group inc can start to save you money. You will give us information on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll provide you with a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are finding the loan that best fits your needs.
Step Three: Apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step Four: Your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will require are in order, and you will likely sign everything at this company's office. We will work with the title company on your date of closing. Since you won't have to worry with this coordination, you can think about the move, if you're going to repaint, new carpet, and all the details of getting a new home.
Once you've answered some few questions, provided lots of information, and applied online, you'll be ready to move sooner than you think! We do the legwork so you can focus on finding your new home.