The Mortgage Loan Process: an Overview

There can be little question ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a mortgage loan in a single 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.

There are four primary steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. What kind of monthly payment are you looking for? 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: pre-qualify for your loan

This is where the rubber meets the road and America's Money Source can really save you money. You will supply info about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate 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 looking for your new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we will order the appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date of closing. Because you won't need to worry about these details, you get to think about moving logistics, paint colors, carpet, and all the details of moving into a new house.

You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the legwork so you can focus on finding your new home.

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