The Mortgage Loan Process: an Overview
There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page application and get the best loan funded 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 important steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 America's Home Loans can start to save you money. You will supply details on your employment, 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 have gone over this info we will give you a pre-qualification letter. Your agent will likely use the 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 shopping for a new home with your real estate agent, 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 site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company on your date to close. Since you don't have to coordinate this process, you can concentrate on moving logistics, painting, carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call America's Home Loans at 701.222.0100. We answer questions about the loan process every day.