How the Mortgage Loan Process Works
There's quite a lot to do in oder to get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page application and receive an excellent loan funded in one 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 primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 the rubber meets the road and you save the most money. You will provide info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Because you don't need to worry with this coordination, you get to think about the move, paint colors, new carpet, and the fun parts of getting your new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are moving in! America's Home Loans is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
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!