The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to fill out a simple loan app and receive an excellent loan check cut the same day. 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.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan
This step is where America's Money Source can start saving you money. You will provide information about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! 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 the home that's right for you, we are looking for the loan that best fits your needs.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your date to close. Since you don't have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.