The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, a lot involved when you get a mortgage loan. You would not be looking up loan information if you could get a loan in a single day with a simple application. 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 loan involves four major steps.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 give us information about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will review all this info and give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Since you don't need to worry about these details, you can concentrate on moving logistics, painting, carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving! Alternative Mortgage Group is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
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!