About the Loan Process
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be here on our website if you could complete a simple application and receive a great 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 obtaining a mortgage loan.
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? 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide details about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over all this info we will give you a letter of pre-qualification. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your real estate agent, we find the best program for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date of closing. Because you won't have to coordinate this process, you can think about moving, paint colors, carpet, and the details involved in getting a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving! 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. It's our job to answer lending questions, so we're happy to help!