How the Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in a single day with 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 primary steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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. will begin to save you money. You will give us details on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We will go over this information then will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the 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 make sure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Since you don't need to worry with this coordination, you can think about the move, if you're going to repaint, new carpet, and all the details of getting a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details 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!