The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot involved when you get a mortgage loan. You would not be looking up loan information if you could get a loan in one 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.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details about your current job, assets, and your residence history. You'll give us 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). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Because you will not need to worry about these details, you can think about moving logistics, paint colors, carpet, and the details involved in getting your new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! America's Money Source is a mortgage specialist; 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. We answer questions about the loan process every day.