The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple loan app and receive a great loan check cut in one 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 on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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 is where the process really begins and America's Money Source can really save you money. You will supply information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review this info we will provide a pre-qualification letter. 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 shopping for your new home with your real estate agent, we find the best program for you.
Once you have signed the 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 site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you will not need to coordinate this process, you get to concentrate on moving, painting, carpet, and all the details of moving into your new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of 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.