How the Mortgage Loan Process Works
No doubt, quite a lot to do when you get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in one day with a simple application. We do most of 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 main steps involved in getting a 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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This step is where America's Money Source can start saving you money. You will provide information on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan that's right for your situation.
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you will not need to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you're moving in! America's Money Source is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.