The Loan Process: an Overview

There is little doubt ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one 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.

There are four important steps involved in getting a 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? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This step is where U.S.A. Lending, Inc. can begin to save you money. You will supply information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are looking for the loan that best fits your needs.

Step three: apply for your loan

After you've signed an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date of closing. Because you won't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and all the details of getting a new house.

You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the loan details so you can focus on 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!

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