About the Loan Process

There is no doubt that getting a mortgage is a complicated process. You would not be researching mortgage loans if you could 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 important steps involved in getting a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan

This is where American Commerce Mortgage can begin saving you money. You will give us info about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). When we review all this information we will provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! 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 deciding on your new home, we're busy researching the loan program that's right for you.

Step three: apply now! We make it easy

Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get 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 real estate agents will find a 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 avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Since you won't have to worry with this coordination, you get to concentrate on the move, painting, carpet, and the details involved in getting a new house.

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

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