How the Loan Process Works

There can be little doubt ; getting a mortgage is a complicated process. You would not be looking up loan information 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 getting a mortgage loan.

Step one: Decide how much you can afford

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? 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 the rubber meets the road and you save the most money. You will supply information about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you will not need to coordinate this process, you get to think about moving, painting, carpet, and all the details of getting a new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! We take care of the legwork 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.

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