The Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. But American Mortgage Advisers, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 American Mortgage Advisers, Inc can begin saving you money. You will give us details about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. When we review this information we give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date to close. Since you will not need to worry with this coordination, you get to concentrate on moving logistics, painting, carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call American Mortgage Advisers, Inc at 2147390569. American Mortgage Advisers, Inc answers loan process questions every day.