How the Loan Process Works

No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and receive an excellent loan funded 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.

There are four primary steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 quewstions. 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 process really begins and you save the most money. You will supply information on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We'll review all this info and give you a letter of pre-qualification. Your REALTOR® 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 your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your closing date. Because you will not need to worry with this coordination, you can concentrate on moving logistics, painting, carpet, and the fun parts of moving into your new home.

You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are deciding when to move in! U.S.A. Lending, 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 U.S.A. Lending, Inc. at 305-967-7200. We answer questions about the loan process every day.

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