The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could fill out a simple loan app and receive a great loan check cut the same day. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 the rubber meets the road and you save the most money. You will supply info on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will review all this information and give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we are finding 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, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Since you will not have to worry about these details, you get to concentrate on moving, painting, new carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call America's Money Source at (407) 898-7559. We answer questions about the loan process every day.
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