How the Mortgage Loan Process Works
There can be no question ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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 is where the process really begins and U.S.A. Lending, Inc. can really save you money. You will supply details on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will review all this info and will provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! 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 shopping for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date to close. Because you don't need to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're moving in! U.S.A. Lending, Inc. is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call U.S.A. Lending, Inc. at 305-967-7200. We answer questions about the loan process every day.