An Overview of the Mortgage Loan Process
There is little question ; getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. 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.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where American Commerce Mortgage can start saving you money. You will give us info about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we have reviewed all this information we provide a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Because you don't have to worry with this coordination, you can think about moving, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us 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 make sense?
Have questions about the loan process? Call American Commerce Mortgage at 714-970-9700. American Commerce Mortgage answers loan process questions every day.