The Loan Process: an Overview
Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a loan involves four major steps.
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. 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 American Commerce Mortgage can begin to save you money. You will give us info on 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 (with your permission. We will review all this info and provide a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® should 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 a new house with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Because you won't have to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. We answer questions about the loan process every day.