The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot involved in oder to get a mortgage. You wouldn't be visiting our site if you could fill out a simple application and get a great loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 the process really begins and America's Home Loans can really save you money. You will provide information on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get 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 submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with this company on your date of closing. Since you won't have to worry about these details, you get to think about moving logistics, paint colors, new carpet, and the details involved in moving into your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! America's Home Loans is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call America's Home Loans at 701.222.0100. We answer questions about the loan process every day.