How the Mortgage Loan Process Works

There can be little question that getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to fill out a simple loan application and get the best loan check cut in one 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.

Getting a home loan involves four major steps.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. 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 America's Money Source can start saving you money. You will give us information on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are finding the best loan for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. At the end of this step, we will order an appraisal of your new 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 the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Since you don't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into your new home.

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 in the business of loans; 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. It's our job to answer lending questions, so we're happy to help!