The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little question that getting a mortgage is a complex process. You wouldn't be visiting our site if you could fill out a one-page loan app and receive a great loan funded in one day. We do 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 milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This step is where America's Money Source can begin to save you money. You will provide information about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Since you don't have to coordinate this process, you can think about moving, paint colors, carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us lots of information, applied , and before you know it, you're moving in! America's Money Source is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call America's Money Source at 4078987559. We answer questions about the loan process every day.