The Mortgage Loan Process: an Overview
There's a lot involved when you get a mortgage loan. You wouldn't be here on our website if you could complete a simple mortgage application and receive a great 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.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 provide info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will use your 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 your new home, we are looking for the best loan program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply 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
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your closing date. Because you don't have to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
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!