The Mortgage Loan Process: an Overview
There's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. But America's Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 step is where America's Home Loans will begin to save you money. You will provide info about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will go over all this info and provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work 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 on your date to close. Because you don't have to coordinate this process, you can think about moving logistics, paint colors, carpet, and the details involved in moving into a new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving! America's Home Loans is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call America's Home Loans at 701.222.0100. We answer questions about the loan process every day.