The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day by filling out a simple application. 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.
Getting a loan involves four major steps.
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where America's Money Source can begin to save you money. You will provide info on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have gone over this information we will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, 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 work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your date of closing. Because you don't need to coordinate this process, you can think about moving, paint colors, carpet, and the fun parts of getting a new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! America's Money Source is in the business of mortgage loans; you're not — so we take care of the details. 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.