How the Mortgage Loan Process Works
Are you looking for a new mortgage? We will be glad to help! Give us a call at 214-663-5355. Want to get started? Apply Now
Make no mistake, there's a lot involved in order to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple loan app and get an excellent loan check cut in one day. But America's First Choice Mortgage LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
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. And we can guide you to the right loan amount and best program for you when you answer a few 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 information about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide a pre-qualification letter. Your agent will 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 shopping for your new home, we're busy researching the loan program that's just right for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you don't need to worry with this coordination, you get to concentrate on moving, paint colors, new carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call America's First Choice Mortgage LLC at 214-663-5355. America's First Choice Mortgage LLC answers loan process questions every day.