The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to 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 main steps involved in getting a loan.
Step one: determine how much you can borrow
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. 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 you save the most money. You will give us details on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We will review all this info and will provide a letter of pre-qualification. Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we will 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 handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Since you won't need to worry with this coordination, you get to think about moving, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! American Commerce Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. American Commerce Mortgage answers loan process questions every day.