The Mortgage Loan Process: an Overview
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No doubt, quite a lot involved in order to get a mortgage. You wouldn't be looking up loan information if you could get a loan in a single day by filling out a simple application. But American Success Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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 amount 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: complete a pre-qualification
This is where the rubber meets the road and American Success Mortgage can really save you money. You will supply info about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've reviewed your information, we'll provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender needs are available, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Because you don't need to worry about these details, you can think about moving, if you're going to repaint, carpet, and the details involved in getting a new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call American Success Mortgage at 2124733933. We answer questions about the loan process every day.