If you’re ready to get started, connect with a Pilgrim Mortgage loan officer today to learn more about the loan programs we offer to help you achieve homeownership.
What is a mortgage?
A mortgage is a loan used to buy a home, with the home itself as collateral. You borrow most of the home’s purchase price from a lender and repay it, with interest, in monthly payments over a set term, usually 15 or 30 years. The monthly payment often covers four things, known as PITI: principal, interest, property taxes and homeowners insurance.
how much can i afford?
What a lender can approve on paper isn’t the same as what fits your budget. Your loan officer will work with you to make sense of your pre-approval and understand what the realities of that payment look like. And remember, ‘how much you can afford’ is the payment you can comfortably make each month.
how do I get a mortgage?
First, you’ll want to get pre-approved. This is when a lender reviews your income, assets, debts/credit, then tells you how much they’re able to lend you. Once you’ve found a home to buy, you’ll work with your lender to find the loan program that’s right for you. they’ll then guide you through the lending process of underwriting, appraisal and more. Once everything has been finalized and the loan is ready to close, you’ll sign the paperwork and get the keys.
can I get a loan with bad credit?
Each loan program follows different guidelines set by various agencies or investors. If you’re worried about your credit score, it’s important to know that your loan officer will be your best resource when researching the options that work best for your situation.
step one
apply online
Start by finding a loan officer and selecting “Apply Now.” Our online application walks you through each question and asks for basic personal and financial information. It only takes a few minutes, and it helps us find the right loan options for you.
step two
pre-approval
Once you apply, our team reviews your credit, income and financial documents to confirm how much you can borrow. Your pre-approval letter shows sellers you’re a serious, qualified buyer and gives you a clear price range to shop with. Questions along the way? We’re here to help.
step three
begin home search
With your pre-approval in hand, you’re ready to start looking for homes. Your loan officer can also walk you through your loan options while you shop.
step Four
make an offer
Once your offer is accepted, our team gets to work processing your loan and getting you one step closer to moving in.
Questions?
Send us a message!
