The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little doubt ; getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But U.S.A. Lending, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important 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? 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. 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 step is where U.S.A. Lending, Inc. can begin saving you money. You will give us info on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We will go over all this info and give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.
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. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate 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 will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Since you don't have to worry with this coordination, you can concentrate on moving, paint colors, new carpet, and the details involved in getting a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! 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. It's our job to answer lending questions, so we're happy to help!