The Mortgage Loan Process: an Overview
There is little question that getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a one-page loan app and get the best 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 obtaining a loan.
Step one: Decide on your maximum loan amount
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? 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. 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: pre-qualify for your loan
This step is where America's Home Loans can begin to save you money. You will give us information about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over all this info then provide a letter of pre-qualification. Handle it with care — it is a great tool when you make your offer! Your REALTOR® should use your 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 looking for a new home with your agent, we find the best program for you.
Once you've made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Since you don't need to coordinate this process, you can concentrate on moving, painting, new carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're moving in! America's Home Loans is a mortgage specialist; you're not — so 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. We answer questions about the loan process every day.