About the Loan Process
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive a great loan funded in one day. 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 obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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: complete a pre-qualification
This is where U.S.A. Lending, Inc. will start saving you money. You will give us information about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we have reviewed this info we will provide a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Since you don't need to worry with this coordination, you get to concentrate on moving, painting, carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! 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. It's our job to answer lending questions, so we're happy to help!