The Mortgage Loan Process: an Overview
In the market for a new mortgage? We'll be glad to talk about your mortgage needs! Give us a call at 8329162260. Want to get started? Pre-Qualify Now
No doubt, quite a lot involved in order to get a mortgage. You wouldn't be here on our website if you could complete a one-page loan app and receive the best loan funded 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
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. 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 the rubber meets the road and you save the most money. You will supply details on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review all this info then will provide a letter of pre-qualification. Your real estate agent will use your 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 shopping for a new home with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Since you will not need to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving! Amcap Mortgage Ltd is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Amcap Mortgage Ltd at 8329162260. It's our job to answer lending questions, so we're happy to help!