An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with 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.
There are four primary steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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. 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 process really begins and you save the most money. You will provide info about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have gone over this information we will give you a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program 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. Applying for your loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date of closing. Because you won't need to coordinate this process, you can concentrate on moving, painting, new carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. We answer questions about the loan process every day.