An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in a single 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.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 Alternative Mortgage Group can begin saving you money. You will supply details about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). We will go over this information 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 picking out your new home, we are researching the best loan program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. It's very easy, 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: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Because you won't need to worry with this coordination, you get to concentrate on moving, painting, new carpet, and all the details of moving into a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Alternative Mortgage Group is a mortgage specialist; 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.