How the Mortgage Loan Process Works
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There's no doubt that getting a mortgage is a complicated process. You wouldn't be here on our website if you could fill out a simple loan app and get the best loan check cut in one day. 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: Decide on your maximum loan amount
This is a function of a couple things. 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? You can get a good idea of your preferred payment amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 American Mortgage Alliance can really save you money. You will provide info on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. When we review all this info we give you a pre-qualification letter. Your real estate agent should use your 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 looking for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you don't have to worry about these details, you can think about moving, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! American Mortgage Alliance is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?