The Loan Process: an Overview
There can be no question that getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
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. 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 details about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy finding the loan that's just right for your situation.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. At the end of this step, we'll order an appraisal of your new 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 ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Because you will not need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting your new house.
You've answered some few questions, given us detailed 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. 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.