The Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to complete a simple application and get an excellent loan funded 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.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 step is where American Mortgage Services can start saving you money. You will supply information about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have reviewed this info we provide a letter of pre-qualification. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy finding the loan program that's just right for your situation.
Once you have made an offer and it's been accepted, it's time to 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. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Because you will not need to worry with this coordination, you can think about moving logistics, painting, new carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call American Mortgage Services at 9018401400. It's our job to answer lending questions, so we're happy to help!