The Loan Process: an Overview
There's a lot to do in oder to get a mortgage. You wouldn't be here on our website if you could complete a one-page loan application and get the best loan funded in one day. But U.S.A. Lending, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage 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 process really begins and you save the most money. You will provide info on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. We will go over this information and will give you a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we are researching the best loan program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Because 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 all the details of getting your new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We take care of the 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. It's our job to answer lending questions, so we're happy to help!