Five Simple Steps
PERL keeps mortgages simple, so you can focus on life’s more important issues.
Step One: Pre-Qualification
When you meet with a loan officer, you’ll discuss your financial history, current credit score, potential purchase price, down payment, and will gain an understanding of your monthly payment requirements.
You’ll receive a pre-qualification letter outlining your initial request to obtain a mortgage.
Step Two: Application
After you sign a sales contract for your new home, you’ll complete a loan application (over the phone, in person, or via email). PERL will order an appraisal for your new home, and may collect copies of the following documentation:
- Complete tax returns (most recent 2 years)
- W-2 forms (most recent 2)
- Pay stubs (most recent 2)
- Copy of purchase contract for new home (or mortgage statements for refinance)
- Bank and asset statements (most recent 3 months)
- Copy of your driver’s license
- Application fee
- Bankruptcy statement & divorce decree (if applicable)
You’ll choose your loan program and lock your interest rate. Interest rates can be locked for up to 90 days – and, in some cases, even 2 years!
Step Three: Underwriting
After applying for your loan, a PERL in-house processor will ensure that your materials are in order. A PERL in-house underwriter will evaluate your loan to determine any risk involved for the lender, your creditworthiness, and the quality of the property itself.
Step Four: Final Conditions
Your loan officer will contact you for any additional documentation required by the lender, your closing time, and closing costs.
Step Five: Closing
The seller of your new home will select a Title Company for your closing location. Be on time to your closing. Bring your driver’s license, and a cashier’s check made out to yourself for the down payment & closing costs.
Closings usually take 45-90 minutes.
You may wish to hire a real estate attorney to represent you at your closing.
Afterwards, your loan officer will be in touch to check-in on your new home loan!
Contact your PERL Loan Officer today, and discover the simplicity of the mortgage process.