How the Loan Process Works
There's no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in a single 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 primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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: pre-qualify for your loan
This is where America's Money Source can start saving you money. You will supply info about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we are looking for the best loan program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll 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 the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Since you will not have to worry about these details, you get to concentrate on the move, painting, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you are moving in! America's Money Source is in the business of 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. We answer questions about the loan process every day.