The Loan Process: an Overview

There's quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a simple application and receive a great loan check cut 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.

There are four important steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

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? 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 begin saving you money. You will provide information about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will go over this info and will give you a letter of pre-qualification. 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 picking out the home that's right for you, we're busy finding the loan that's just right for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; 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: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you don't have to coordinate this process, you get to think about moving, painting, new carpet, and all the details of getting a new home.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you are moving in! America's Money Source is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call America's Money Source at 4078987559. We answer questions about the loan process every day.