The Loan Process: an Overview
There's quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. 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 main steps involved in getting a loan.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide information on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have gone over all this information we will give you a letter of pre-qualification. Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your 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. Applying for your loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Since you won't need to worry with this coordination, you get to think about moving logistics, if you're going to repaint, new carpet, and all the details 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! We take care of 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 U.S.A. Lending, Inc. at 305-967-7200. We answer questions about the loan process every day.