The Mortgage Loan Process: an Overview
There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to complete a one-page loan application and get an excellent 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.
Getting a 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? 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. 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 the rubber meets the road and America's Money Source can really save you money. You will provide information on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review this info then give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! 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 shopping for 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
Once you have signed the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Because you will not need to coordinate this process, you get to think about the move, paint colors, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you're moving in! America's Money Source is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call America's Money Source at (407) 898-7559. We answer questions about the loan process every day.