How the Loan Process Works
There is no doubt ; getting a mortgage is a complicated process. You would not be looking up loan information if you could get a 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 getting a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where America's Home Loans will begin saving you money. You will provide details about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® will use the 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 the home that's right for you, we are researching the best loan for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, 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 decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Because you won't have to worry about these details, you get to think about moving, painting, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! We take care of all 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. America's Home Loans answers loan process questions every day.