The Loan Process: an Overview

No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be here on our site if you could complete a simple mortgage application and get a great loan funded in one 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.

Getting a loan involves four major steps.

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? 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. 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: pre-qualify for your loan

This is where the rubber meets the road and U.S.A. Lending, Inc. can really save you money. You will give us information on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we will 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 handle the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Since you will not have to worry about these details, you get to concentrate on the move, 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 , and Before you know it, you're moving! We do the mortgage legwork so you can spend your time finding your new home.

Have questions about the loan process? Call U.S.A. Lending, Inc. at 305-967-7200. U.S.A. Lending, Inc. answers loan process questions every day.

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