How the Loan Process Works

There's a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in a single 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 on your maximum loan amount

This is a function of a couple things. 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. 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 provide information about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company to set your date to close. Since you won't have to worry about these details, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We do the mortgage legwork 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.


Alternative Mortgage Group

80 SW 14 Ave
Boca Raton, FL 33486