The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple application and get the best 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.
Getting a loan involves four major milestones.
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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will provide info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Because you won't have to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are moving in! America's Money Source is in the business of mortgage loans; you're not — so we 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.