How the Mortgage Loan Process Works
There's a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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. 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 info about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we're busy finding the loan program that's right for you.
Once you have made the offer and the sellers have accepted, it's time to 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 will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Because you won't have to worry about these details, you get to think about moving, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of the legwork 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 (407) 898-7559. We answer questions about the loan process every day.