How the Mortgage Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out 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.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification
This is where American Commerce Mortgage can begin saving you money. You will supply information about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are finding the best loan program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Since you won't have to coordinate this process, you can think about moving logistics, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving in! American Commerce Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. American Commerce Mortgage answers loan process questions every day.