The Mortgage Loan Process: an Overview

There is no doubt ; getting a mortgage is a complicated process. You would not be looking up loan information if you could get a 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 obtaining a mortgage loan.

Step one: Decide on your maximum loan amount

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 can begin saving you money. You will give us info about your employment, assets, and residence history. You'll provide 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've reviewed your information, we'll provide you with a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan that's right for your unique situation.

Step three: apply for your loan

Once you have made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home 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 an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you won't need to coordinate this process, you can think about moving logistics, painting, carpet, and all the details of moving into a new house.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move in! America's Money Source is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.


America's Money Source

2306 Curry Ford Rd
Orlando, FL 32806