Guest Blog: Simplifying the Loan Process

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Congratulations on your new home search! Whether it’s your first home or your forever home, you need a mortgage team to help make the process as easy as possible.

Here are four main steps involved in obtaining a loan.

DETERMINE HOW MUCH YOU CAN BORROW
Before you fall in love with a home, you need to know if you can afford it. What kind of monthly payment are you looking for? Your unique credit and employment history, income and debt, and goals all impact how much a lender will loan you. A short conversation with one of our mortgage lenders is all it takes to provide you with the right loan amount and best program for you.

PRE-QUALIFY FOR YOUR LOAN
This is where Primebank really starts to save you money. After providing information on your current job, assets and residence history, we’ll pull your credit score and report. After we review the information, we’ll give you a pre-qualification letter. This letter is extremely useful for buying your new home. Buyers will know you’re serious and it will help your REALTOR® negotiate the best deal for your new home. When you do find “the one,” you won’t have to spend precious time waiting to be pre-qualified; you’ll know exactly what you can afford.

APPLY FOR A LOAN
After you’ve made the offer and the sellers accept it, it’s time to apply for the loan. It’s very easy; you can apply right on Primebank’s website, primebankmortgage.com. Your mortgage lender will also order an appraisal of your new home.

YOUR LOAN IS FUNDED
Your REALTOR® and the sellers will work together to decide on a title company to take care of the funding of your loan. We’ll coordinate with this company to make sure all the papers your lender needs are in order and you will probably sign everything at their office. We work with the title company to set your closing date. Because you will not have to coordinate this process, you get to think about moving logistics, painting, carpet, and all the details of getting your new home.

You’ve answered a few questions, given us lots of information, applied online, and before you know it, you’re moving! When you work with Primebank, it really can be that simple! To see what Primebank can do for you, contact one of our mortgage lenders in Le Mars, Sioux Center or Sioux City today.

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