The Loan Process: an Overview

No doubt, quite a lot to do in oder to get a mortgage. You would not be researching mortgage loans if you could get a 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 getting a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us info about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

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 requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date of closing. Since you don't need to worry with this coordination, you can think about moving, paint colors, carpet, and the fun parts of getting a new home.

You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. American Commerce Mortgage answers loan process questions every day.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question