The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if you could get a mortgage 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 milestones.
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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This is where American Commerce Mortgage will begin to save you money. You will supply info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. 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
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Since you won't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into your new home.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are moving in! We take care of all 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.