The Mortgage Loan Process: an Overview
There's little question ; getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a simple application and get an excellent loan funded the same day. 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 main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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. 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 step is where Alternative Mortgage Group will start saving you money. You will provide details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We'll go over this information then will provide a letter of pre-qualification. Your real estate agent will 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 shopping for the home that's right for you, we're busy finding the loan program that's right for you.
Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Because you won't need to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're moving in! Alternative Mortgage Group is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. Alternative Mortgage Group answers loan process questions every day.