How the Loan Process Works

There's no doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four main steps involved in obtaining a mortgage loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where America's Money Source can begin saving you money. You will provide information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your real estate agent should use your 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 the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

After you've signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Since you won't need to worry about these details, you get to concentrate on the move, painting, carpet, and the fun parts of getting a new home.

You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving in! We take care of the legwork so you can focus on finding your new home.

Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.