The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's little question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out 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 home loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Alternative Mortgage Group can really save you money. You will give us details on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Because you will not have to coordinate this process, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you are 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 Alternative Mortgage Group at 561-395-4264. Alternative Mortgage Group answers loan process questions every day.