How the Mortgage Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You would not be looking up loan information if you could get a mortgage loan in a single day by filling out 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 getting a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan
This is where the rubber meets the road and American Commerce Mortgage can really save you money. You will provide information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll 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 an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Since you don't have to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! American Commerce Mortgage is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. American Commerce Mortgage answers loan process questions every day.