Purchase Loans

Owning your own home is one of the great American dreams for adults, and Pacific Trust Group Solutions can aid you into turning this into a reality! Our experienced staff members are extremely proficient in the loan process from start-to-finish and we pride ourselves on offering some of the lowest rates nationwide for borrowers seeking a mortgage in Los Angeles and the surrounding California areas. But first let us look at what defines a purchase loan and how it differs from other major types of loans. 

By definition, a purchase loan is finance provided to a borrower by a lender for the use of purchasing an item such as a house or other expensive asset one could not otherwise afford. The various terms of this type of loan depend widely on the specific lender and the borrower’s creditworthiness. A purchase loan differentiates from loans used to finance intangible things such as education finances or a new business venture, and in some ways is easier to define by describing what a purchase loan is not. 

It is not a loan that is taken out after you buy a home such as a home equity line of credit or a home equity loan. It is not a refinance mortgage. With the seemingly endless loan options out there, getting to the finish line can often seem like a daunting experience. So what could an individual expect when starting the process of acquiring a purchase loan? With over 30 years of experience, our team here at Pacific Trust Group has simplifying the loan process, removing the typically long-drawn-out process into basic steps to help to you get into the home of your dreams.
 
The first step in the process involves “getting pre-approved”. During this first initial process, which can take place either in person or over the phone, some basic information will be collected from the borrower to get a better idea of what sort of financing can be made available. This basic information will usually include:
 

• Full Name, Social Security Number, and Date of Birth
• 2 year address history 
• 2 year employment history
• Verification of all sources of income (i.e. social security benefits, child support, alimony, VA benefits, retirement income, pensions, etc)
• Complete report of all liquid assets or gift funds to be received
• Credit Report
• Supporting documentation, including Federal Tax returns for 2 years, employer paycheck stubs, W-2s, bank statements, photo ID, and any additional documentation that is applicable to your file.

Following the verification of the borrower’s submitted information and documentation, we will then provide a loan file accompanied with detailed information reporting all the loans programs you are then eligible for. Having worked in the industry for 30 years, we here at Pacific Trust Group are confident with our ability to explain each loan program and the option we believe would suit you best!