The Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and receive an excellent loan funded the same day. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
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. 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 will start saving you money. You will give us info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We will review this information and will provide a pre-qualification letter. Your real estate agent should 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 your new home, we are finding the loan that best fits your needs.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date to close. Because you don't need to worry with this coordination, you get to think about moving logistics, paint colors, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving! America's Money Source is in the business of 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. America's Money Source answers loan process questions every day.