The Loan Process: an Overview

There's no doubt that getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. We do 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 loan involves four major steps.

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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 process really begins and you save the most money. You will supply information about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have gone over this info we give you a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! Your real estate agent will use your 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 looking for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Since you will not have to coordinate this process, you get to think about moving, if you're going to repaint, carpet, and the details involved in moving into your new home.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! U.S.A. Lending, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

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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