How the Mortgage Loan Process Works
There can be no doubt that getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. But American Commerce Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining 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? 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 American Commerce Mortgage can really save you money. You will give us info on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we're busy researching the loan that's just right for your unique situation.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a 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'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Because you will not need to coordinate this process, you get to think about the move, paint colors, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! American Commerce Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. It's our job to answer lending questions, so we're happy to help!