The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be visiting our site if you could fill out a one-page application and get the best loan funded the same day. 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 main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 provide information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great 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 picking out your new home, we're busy finding the loan program that's just right for your unique situation.
After you've made the 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. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Because you won't need to coordinate this process, you can concentrate on the move, paint colors, carpet, and the details involved in getting a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! U.S.A. Lending, Inc. is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
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.