How the Loan Process Works
There can be no question ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But Alternative Mortgage Group 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: 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 is where the rubber meets the road and you save the most money. You will give us info about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have gone over this info we will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate 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 the title company on your date to close. Because you won't need to worry about these details, you can think about the move, painting, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us lots of information, applied , and before you know it, you're moving in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. Alternative Mortgage Group answers loan process questions every day.