How the Loan Process Works

No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a one-page loan app and receive a great loan check cut the same day. 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.

There are four important steps involved in getting a loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 the process really begins and you save the most money. You will supply information about your employment, your 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 finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's just right for your situation.

Step three: apply for your loan

After you've signed the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date to close. Because you will not have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and the fun parts of moving into a new home.

You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can focus on finding the new home that's right for you.

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

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