The Mortgage Loan Process: An Overview

There's no question getting a mortgage is a complex process.  We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.  Our cutting edge technology can often document income and assets without having to collect pay stubs, tax returns or bank statements.  

Step One: Determine how much you can borrow

This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment amount 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: Pre-qualify for your loan

This is where the process really begins and you save the most money. You will provide details on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll give you a pre-qualification/pre-approval letter. Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual/pre-approval letter gives you buying clout! While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for your unique situation.

Step Three: Apply for your loan

Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.

Step Four: Your loan is funded

Your Realtor® and the sellers will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are available, and you will probably sign everything at this company's office. We will work with this company to set your date of closing. Since you will not have to worry with this coordination, you get to concentrate on moving, painting, new carpet, and the details involved in moving into your new home.

Once you've answered a few questions, provided lots of information, and applied online, you're ready to move in! Platinum Advantage Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?