An Overview of the Mortgage Loan Process

No doubt, a lot to do when you get a mortgage loan. You wouldn't be visiting our website if you could fill out a simple mortgage application and get the best loan check cut the same day. We do 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 primary steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

This is a function of a couple things. 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 process really begins and you save the most money. You will supply information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your 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 accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. 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: funding

Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date of closing. Because you don't have to worry about these details, you get to think about moving logistics, painting, carpet, and all the details of getting your new house.

You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call America's Money Source at 4078987559. America's Money Source answers loan process questions every day.