The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. But American Mortgage Services, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 step is where American Mortgage Services, Inc. will start to save you money. You will supply information on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will go over all this information and will give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your agent should use the pre-qual (as they may call it) in order 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 are researching the best loan for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date to close. Since you don't have to worry with this coordination, you get to concentrate on moving, paint colors, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! American Mortgage Services, Inc. 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 Mortgage Services, Inc. at 9013595912. We answer questions about the loan process every day.