How the Loan Process Works
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be visiting our website if you could fill out a simple mortgage application and get a great loan check cut in one day. But American Commerce Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 step is where American Commerce Mortgage can begin saving you money. You will provide details on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, 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. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your closing date. Because you don't have to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! American Commerce Mortgage is a mortgage specialist; 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. It's our job to answer lending questions, so we're happy to help!