The Loan Process

The Loan Process

An Overview

Getting a home can sometimes seem overwhelming. But understanding the process can make the process feel less daunting. Here's a brief overview of what to expect, one step at a time. Throughout the process, our staff at Mortgage Source PA will guide and support you.

1. Initial Consultation

One of our Originators will help find the financing solution that's right for you. We'll take into account your target monthly payments given your unique credit, employment history, income, debt and goals. Mortgage Source PA will further help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll provide you with an idea of what terms and loan program you can expect to benefit most from given your unique situation.

2. Pre-Qualify For Your Loan

You will save the most money by pre-qualifying for your loan. Mortgage Source PA will gather information from you about employment, assets, residence history, and so on. We will also get your permission to run your credit score. Once we review all this information, we give you a Pre-Qualification Letter. Your realty agent will use this letter to make the best offer on the home you choose and the seller is confident knowing you're pre-qualified. You can focus your energy on finding a home you'll love, while we find you a loan.

3. Apply For Your Loan

Once you make an offer and it's accepted, it's time to complete the loan application and supply any missing documentation. With us as the liaison, the lender will review the application and documents and provide a decision.

4. Appraisal and Title Work is performed

For your protection, as well as the lender's, it is required to have an appraisal and title search performed on the property to ensure it is valued appropriately and it is free and clear of liens.

5. Your Loan Is Funded

We'll coordinate with your title company or attorney to make sure all the papers for the lender are in order. On the closing day, you will sign after carefully reviewing the loan documents.