The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if you could fill out a one-page loan application and receive the best loan check cut 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 getting a loan.
Step one: determine how much you can borrow
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? 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: complete a pre-qualification
This is where America's Home Loans can start saving you money. You will give us details on your employment, assets, and your 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 the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will 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 of the sale. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Because you will not have to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! America's Home Loans is in the business of mortgage loans; 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.