The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There can be no question ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page application and get the best 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.

Getting a loan involves four major steps.

Step one: Decide how much you can afford

This is a function of a couple things. What kind of monthly payment are you looking for? 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 you save the most money. You will give us details about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we have reviewed all this information we will give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your closing date. Because you won't need to worry about these details, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into a new home.

You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! America's Money Source is in the business of loans; you're not — so we do the work. Doesn't that sound nice?

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!