The Loan Process: an Overview
There's no question ; getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a simple loan app and receive an excellent loan funded in one day. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. We'll 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 rubber meets the road and America's Money Source can really save you money. You will supply details on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you don't have to worry about these details, you can think about the move, painting, carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are moving in! America's Money Source is in the business of loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call America's Money Source at (407) 898-7559. America's Money Source answers loan process questions every day.