An Overview of the Loan Process
There can be little doubt ; getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in one 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 primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide information about your employment, assets, and 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. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your real estate agent, we find the best program 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 will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date of closing. Since you won't have to coordinate this process, you can concentrate on the move, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of all 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. It's our job to answer lending questions, so we're happy to help!