The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There is little doubt that getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and receive a great loan check cut the same day. But America's Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
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? 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: complete a pre-qualification
This step is where America's Home Loans will start saving you money. You will provide information about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you don't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call America's Home Loans at 701.222.0100. We answer questions about the loan process every day.