The Loan Process: an Overview
There's little doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a 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 important steps involved in obtaining a loan.
Step one: determine how much you can borrow
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? 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. 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 is where the process really begins and you save the most money. You will provide details on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We will review this info then give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you won't have to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! America's Home Loans is a mortgage specialist; you're not — so we do the work. 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.