The Mortgage Loan Process: an Overview
There's little doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. We do most of 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 home loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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. 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 Alternative Mortgage Group can really save you money. You will give us information about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have gone over all this info we give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will 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 have to worry about these details, you can concentrate on the move, paint colors, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! Alternative Mortgage Group is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. Alternative Mortgage Group answers loan process questions every day.