The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in a single day by filling out 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 primary steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification
This is where the rubber meets the road and America's Money Source can really save you money. You will provide information about your employment, 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. We will go over all this information then give you a pre-qualification letter. Your agent will likely use your 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 are researching the loan that best fits your needs.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Since you will not have to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.