About the Mortgage Loan Process
There is no question that getting a mortgage is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. 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 main 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 rubber meets the road and America's Money Source can really save you money. You will supply information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. When we review all this information we give you a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on an escrow/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 will need are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company on your date to close. Because you will not need to worry with this coordination, you can think about moving, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of all 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!