The Loan Process: an Overview
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where America's Money Source can start to save you money. You will provide details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will go over this information and provide a letter of pre-qualification. Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
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 all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date to close. Since you won't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call America's Money Source at 4078987559. We answer questions about the loan process every day.