The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in one day by filling out 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 home loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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 the process really begins and you save the most money. You will supply information about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. 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 looking for your new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Because you won't have to worry about these details, you get to think about moving logistics, painting, new carpet, and the details involved in moving into your new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call American Mortgage Advisers, Inc at 2148657442. We answer questions about the loan process every day.