An Overview of the Mortgage Loan Process
There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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 start to save you money. You will give us details on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are looking for the loan that best fits your needs.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, 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: your loan is funded
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you won't have to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! American Mortgage Advisers, Inc is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call American Mortgage Advisers, Inc at 2147390569. We answer questions about the loan process every day.