How the Mortgage Loan Process Works
There's quite a lot to do when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a 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.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
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? 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: complete a pre-qualification
This is where the process really begins and America's Money Source can really save you money. You will give us details on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review all this info we provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we're busy researching the loan that's right for you.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to handle 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 this company's officeWe do all the work to work with with this company to set your date to close. Since you won't need to worry about these details, you can think about moving, if you're going to repaint, new carpet, and the details involved in getting a new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call America's Money Source at 4078987559. We answer questions about the loan process every day.