How the Loan Process Works
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There's little question ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page mortgage application and get a great loan funded the same day. But Pac West Financial 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: 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 is where Pac West Financial will start saving you money. You will provide info on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll go over this information and will provide a pre-qualification letter. 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 shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date of closing. Because you will not need to worry about these details, you get to concentrate on the move, painting, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Pac West Financial is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?