An Overview of the Loan Process
No doubt, a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to fill out a one-page application and receive an excellent loan funded the same 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 primary steps involved in getting a mortgage loan.
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 supply details about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). We will review all this information then give you a letter of pre-qualification. Be careful with this letter — it can be a great 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 the home that's right for you, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Because you will not have to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, 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 (407) 898-7559. America's Money Source answers loan process questions every day.