The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day with 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 obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 the rubber meets the road and American Mortgage Advisers, Inc can really save you money. You will supply details about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We'll review all this information then give you a letter of pre-qualification. 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 REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your closing date. Since you don't need to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you're deciding when to move in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call American Mortgage Advisers, Inc at 214-865-7442. American Mortgage Advisers, Inc answers loan process questions every day.