The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be no doubt that getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with 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.
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 give us info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. We will go over all this information then will give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! 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. While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date to close. Because you will not need to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.