The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There is no question that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and receive the best loan funded in one day. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 America's Money Source can begin saving you money. You will give us info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Since you will not have to worry about these details, you can think about the move, paint colors, carpet, and the fun parts of getting your new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving! 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 (407) 898-7559. It's our job to answer lending questions, so we're happy to help!