The Loan Process: an Overview

No doubt, a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one 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.

Getting a mortgage loan involves four major milestones.

Step one: determine how much you can borrow

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 begin to save you money. You will supply details on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. When we review all this info we provide a letter of pre-qualification. Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan program that's right for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Because you don't need to worry with this coordination, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting your new house.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of the loan details so you can focus on finding the new home that's right for you.

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.