An Overview of the Loan Process
There's little doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out 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.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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? 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. 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 supply details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are researching the best loan for you.
Once you have made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your date of closing. Because you will not have to coordinate this process, you can think about moving, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! Alternative Mortgage Group is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. Alternative Mortgage Group answers loan process questions every day.