The Four Steps of the Loan Process
There's no doubt that getting a mortgage is a complex process. You wouldn't be visiting our site if you could complete a one-page application and get the best loan funded the same day. But Paragon Mortgage Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: Determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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 abount 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: Get pre-approved
This is where the rubber meets the road and you save the most money. You will provide info about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide a pre-approval letter. Handle it with care — it is a great tool when you make your offer! Your REALTOR® will use your pre-approval letter to make the best offer on the home you choose. The pre-approval letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
Step three: Apply Now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the 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 of the sale. We'll coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Because you won't need to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and all the details of getting your new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! Paragon Mortgage Services, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?