An Overview of the Loan Process
There's little question ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where American Commerce Mortgage will start to save you money. You will give us info about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home 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's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your date of closing. Since you won't need to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. It's our job to answer lending questions, so we're happy to help!