How the Mortgage Loan Process Works
There is no question that getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage 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.
There are four primary steps involved in getting a mortgage loan.
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? What is the maximum you can borrow from a lender, given your income and credit history? 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 step is where Alternative Mortgage Group will begin saving you money. You will supply info on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are looking for the loan that best fits your needs.
Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Since you won't need to coordinate this process, you get to think about moving logistics, if you're going to repaint, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied online, 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 take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. It's our job to answer lending questions, so we're happy to help!