The Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and receive the best loan funded the same day. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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. 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 the process really begins and America's Money Source can really save you money. You will give us information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we have gone over all this info we provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an 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: funding
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Because you will not have to coordinate this process, you can concentrate on moving, paint colors, carpet, and all the details of getting a new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of all 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.