About the Mortgage Loan Process
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to complete a simple loan app and receive a great loan funded in one day. 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.
Getting a home loan involves four major steps.
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. 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 process really begins and you save the most money. You will provide information about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to 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 your new home, we're busy finding the loan program that's right for you.
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Because you won't have to worry with this coordination, you can think about the move, painting, new carpet, and all the details of getting your new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. We answer questions about the loan process every day.