How the Mortgage Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if you could get a 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: determine how much you can borrow
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. 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: complete a pre-qualification
This is where Alternative Mortgage Group will start to save you money. You will provide information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are finding the best loan program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Because you will not need to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and all the details of getting a new home.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're moving in! Alternative Mortgage Group is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. We answer questions about the loan process every day.