An Overview of the Loan Process
There's no doubt that getting a mortgage is a complex process. You would not be looking up loan information if it were possible to 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 primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 step is where American Commerce Mortgage can start saving you money. You will supply details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date of closing. Since you will not have to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move in! American Commerce Mortgage is in the business of mortgage loans; 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. We answer questions about the loan process every day.