How the Loan Process Works
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 complete a simple loan app and get a great loan check cut in one day. But American Mortgage Advisers, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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. 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 American Mortgage Advisers, Inc can start saving you money. You will provide details on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll give you 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 a 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 an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Because you will not need to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call American Mortgage Advisers, Inc at 214-865-7442. It's our job to answer lending questions, so we're happy to help!