The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

No doubt, a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. 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

This is a function of a couple things. 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. 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 process really begins and you save the most money. You will supply info about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should 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 deciding on the home that's right for you, we're busy finding the loan program that's right for your situation.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date to close. Because you will not need to worry with this coordination, you get to concentrate on moving, if you're going to repaint, new 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'll be moving in! America's Money Source is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

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