How the Loan Process Works

Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be here on our site if you could complete a one-page mortgage application and get an excellent loan check cut 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 mortgage loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 step is where U.S.A. Lending, Inc. will start to save you money. You will provide info on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy researching the loan that's just right for your unique situation.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you won't have to coordinate this process, you get to think about moving logistics, painting, new carpet, and the fun parts of getting a new house.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving! U.S.A. Lending, Inc. is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??

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!

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