The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot involved in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining 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? 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: complete a pre-qualification
This is where America's Money Source will start saving you money. You will give us details on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. We'll review all this information and provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date to close. Since you will not need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are deciding when to move 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.