The Loan Process: an Overview

There can be no question that getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get an excellent loan funded in one day. 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.

Getting a home loan involves four major steps.

Step one: determine how much you can borrow

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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will supply information about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company on your date to close. Since you won't need to worry with this coordination, you can think about moving logistics, paint colors, carpet, and all the details of moving into your new house.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of the loan details 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.