An Overview of the Loan Process
There is little question ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single day with 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 important steps involved in getting 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? 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. 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 will begin to save you money. You will give us info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). We will review this info then provide a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll 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 need to worry with this coordination, you can think about the move, paint colors, carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! America's Money Source is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call America's Money Source at 4078987559. We answer questions about the loan process every day.