The Mortgage Loan Process: an Overview
There is no doubt that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. We do most of 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 mortgage loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 can begin to save you money. You will give us details on your employment, your assets, and your 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). When we review all this information we will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan program that's just right for your situation.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your closing date. Since you don't have to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! America's Home Loans is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call America's Home Loans at 701.222.0100. It's our job to answer lending questions, so we're happy to help!