An Overview of the Mortgage Loan Process

No doubt, a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out a simple application. 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.

There are four main steps involved in obtaining a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: pre-qualify for your loan

This step is where America's Money Source can begin saving you money. You will supply information on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the best loan for you.

Step three: apply for your loan

Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company on your closing date. Since you will not have to worry with this coordination, 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, given us 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 we 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.


America's Money Source

2306 Curry Ford Rd
Orlando, FL 32806