How the Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage 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 mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply details on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan that's just right for your unique situation.
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date to close. Because you will not need to worry about these details, you get to concentrate on the move, paint colors, carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! American Mortgage Advisers, Inc is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call American Mortgage Advisers, Inc at 2148657442. We answer questions about the loan process every day.