An Overview of the Mortgage Loan Process
There is little doubt ; 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. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 information about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home 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
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Because you don't need to worry about these details, you can think about moving, painting, carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed 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. Doesn't that make sense?
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!