How the Mortgage Loan Process Works
There's little doubt ; getting a mortgage loan is a complex process. You would not be researching mortgage loans 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.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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 is where America's Money Source can begin saving you money. You will give us info on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We'll review this info then give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan program that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you don't need to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details 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!