About the Mortgage Loan Process
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could fill out a simple mortgage application and receive a great loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. 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 is where the rubber meets the road and America's Money Source can really save you money. You will supply info on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your real estate 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 apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your date to close. Because you will not need to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in moving into your new home.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call America's Money Source at 4078987559. It's our job to answer lending questions, so we're happy to help!