The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot to do in oder to get a mortgage. You wouldn't be here on our website if it were possible to fill out a simple application and get an excellent loan funded in one day. We do 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 important steps involved in getting a loan.
Step one: Decide how much you can afford
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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where the rubber meets the road and America's Money Source can really save you money. You will give us information about your current job, your 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. When we review all this info we provide a pre-qualification letter. Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the loan that best fits your needs.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. When the time is right, we'll order an appraisal of your new 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 work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Because you don't have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you're deciding when to move 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 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.