How the Mortgage Loan Process Works
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. 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 primary steps involved in getting 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? 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. 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: pre-qualify for your loan
This is where America's Home Loans will start to save you money. You will give us info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review all this information we provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. 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.
Once you have signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Because you don't need to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided lots of information, applied , 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. America's Home Loans answers loan process questions every day.