An Overview of the Mortgage Loan Process
There's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our site if you could 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 mortgage loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. We'll also help you through different scenarios by asking a few simple questions. 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 step is where America's Money Source will begin saving you money. You will provide information about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! Your real estate agent should use your 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 looking for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed the 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. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your closing date. Because you don't have to coordinate this process, you get to concentrate on moving, painting, new carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! America's Money Source is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.