About the Mortgage Loan Process
There is little question ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page mortgage application and get a great loan check cut in one day. 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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 you save the most money. You will supply information about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your agent should 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 your new home with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home 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: funding
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Since you won't need to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. We answer questions about the loan process every day.