The Mortgage Loan Process: an Overview
There can be little doubt that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. But America's Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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. 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 is where America's Home Loans can start to save you money. You will give us details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Because you won't need to worry about these details, you get to concentrate on the move, painting, carpet, and all the details of moving into a new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! America's Home Loans is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call America's Home Loans at 701.222.0100. We answer questions about the loan process every day.