An Overview of the Mortgage Loan Process
There can be no doubt that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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. 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 you save the most money. You will provide details about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have reviewed all this info we will give you a pre-qualification letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are researching the best loan for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your closing date. Because you won't need to coordinate this process, you can concentrate on moving, paint colors, carpet, and the details involved in moving into a new house.
You've answered a few questions, given us 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. Doesn't that make sense?
Have questions about the loan process? Call America's Money Source at 4078987559. It's our job to answer lending questions, so we're happy to help!