The Mortgage Loan Process: an Overview
There can be little question that getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage 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.
Getting a home loan involves four major steps.
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? 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide info about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review this info we will provide a letter of pre-qualification. Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Since you don't need to worry with this coordination, you get to concentrate on the move, paint colors, carpet, and the fun parts of getting a new house.
You've answered a few questions, provided detailed information, applied , and before you know it, you are moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. It's our job to answer lending questions, so we're happy to help!