Understanding the Mortgage Loan Process in Pittsburgh, PA
There’s little question that the mortgage loan process in Pittsburgh, PA can be a complex one. You would not be researching your options for mortgage loans if it were possible to get one in a single day with a simple application. The key to successfully getting through the mortgage loan process is by allowing a company like Mortgage Planning Group to do the heavy lifting, so you can concentrate on starting your life in a new home, rather than your mortgage loan.
The mortgage loan process in Pittsburgh, PA involves four major milestones.
Step One of the Mortgage Loan Process: Decide on How Much You Can Afford
How much of a monthly payment can you afford for a mortgage loan? Given your unique credit and employment history, income and debt, as well as your goals, how much will a lender loan to you? Use any of the mortgage loan calculators on our site to determine your monthly payment amount.
We can 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 of the Mortgage Loan Process: Complete a Pre-Qualification Assessment
This is where the proverbial rubber meets the road in the Mortgage Loan Process in Pittsburgh, PA. Mortgage Planning Group is one of the leading institutions that can really save you money once you have completed a pre-qualification assessment. You will give us details about your current job, assets and your residence history. You’ll supply your employment, asset and residence history information. We run your credit score and report.
After reviewing this information, we will provide you with a pre-qualification (or, “pre-qual) letter. Your real estate agent will use the pre-qual to make the best offer on the home you choose. The pre-qual letter gives you buying clout. While you’re deciding on the home that’s right for you, we’re busy finding the loan that perfectly fits your lifestyle.
Step Three of the Mortgage Loan Process: Apply Now Through Mortgage Planning Group
Once your offer has been accepted, it is time to complete the loan application. The dirty work of the mortgage loan process is done and now all you have to look forward to is getting your loan funded.
This step could not be easier, and you can do it online through our website. Finally, we will order an appraisal of your new home.
Step Four of the Mortgage Loan Process: Your Loan is Funded
This is the last stop of the mortgage loan process in Pittsburgh, PA. Once it’s approved, your realtor and the sellers will work together to designate an escrow to handle the funding of your loan. We will coordinate with your realtor to ensure the papers your lender requires are in order, and you’ll likely sign everything at their office. We work with the title company to set your closing date. Because you don’t need to worry about these details, you can concentrate on moving logistics, painting, new carpet, and all the details of moving into a new house.
Use Mortgage Planning Group to Help You Through the Mortgage Loan Process
After you have answered a few questions, provided detailed information, and applied online, you’re ready to move in! We take care of the loan details so you can spend your time finding and preparing for the home of your dreams.