The Four Steps of the Loan Process:The Loan Process: Four Steps

Make no mistake, there's quite a lot involved when you get a mortgage loan. You would not be looking up loan information if it were possible to 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 main steps involved in obtaining a loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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. 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: complete a pre-qualification

This step is where U.S.A. Lending, Inc. can begin to save you money. You will supply information about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We'll review all this info then give you a pre-qualification letter. Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

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

Step four: your loan is funded

The agents will find an escrow/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 requires are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company on your date of closing. Because you don't need to worry with this coordination, you can think about the move, paint colors, new carpet, and the fun parts of getting a new home.

You've answered a few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move in! U.S.A. Lending, Inc. is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?

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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