The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be little question that getting a mortgage is a complicated process. 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 important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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 American Commerce Mortgage will start to save you money. You will supply information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan that's right for your situation.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company to set your date to close. Because you will not have to worry with this coordination, you can think about moving logistics, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! 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. We answer questions about the loan process every day.