The Four Steps of the Loan Process:The Loan Process: Four Steps
There's no doubt that getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a simple mortgage application and receive the best loan funded in one day. But America's Money Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
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. 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 details about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have gone over this info we give you a letter of pre-qualification. Be careful with this letter — it is 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 picking out the home that's right for you, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. When the time is right, 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 work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Because you won't have to coordinate this process, you can think about moving, painting, new carpet, and all the details of getting your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! America's Money Source is a mortgage specialist; you're not — so we do the work. 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.