Financing Homes in Lake Tahoe and Truckee since 1992.

The Loan Process Simple, Quick & Easy

How the Mortgage Loan Process Works

There can be no doubt ; getting a mortgage loan is a complex process. You wouldn’t be looking up loan information if you could get a loan in a single day by filling out a simple application. But Steve Peterson and Sierra Pacific Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a loan.

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. Steve will 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 Steve Peterson can really save you money. You will provide info about your employment, your assets, and residence history. You’ll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we’ve finished reviewing the provided information, we’ll provide a pre-qualification letter. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you’re deciding on the home that’s right for you, we are looking for the loan that best fits your needs.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, it’s time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. At the end of this step, we’ll order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller’s will work together to find an escrow/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 will need are in order, and you will probably sign everything at their office or with a mobile notary who will go to your home or office. We do all the work  with this company to set your closing date. Because you will not need to worry about this coordination, you get to concentrate on moving logistics, painting, carpet, and all the details of getting a new home.

You’ve answered some few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Steve Peterson is a mortgage specialist; you’re not — so we take care of the details. Doesn’t that make sense?