The Four Steps of the Loan Process:The Loan Process: Four Steps

There's little doubt that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage 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 main steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

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. 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: complete a pre-qualification

This is where U.S.A. Lending, Inc. will start saving you money. You will give us information about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan program that's right for your situation.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your date of closing. Because you don't have to coordinate this process, you can think about the move, painting, carpet, and the fun parts of getting a new house.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! 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. U.S.A. Lending, Inc. answers loan process questions every day.

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