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

No doubt, a lot to do in oder to get a mortgage. You wouldn't be here on our website if you could complete a one-page mortgage application and receive an excellent loan funded in one day. 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 main steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will supply information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Your REALTOR® will likely 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 picking out your new home, we're busy finding the loan program that's just right for your situation.

Step three: apply for your loan

Once you have made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you don't have to worry about these details, you get to think about moving, painting, carpet, and the fun parts of moving into your new home.

You've answered some few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can spend your time 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. We answer questions about the loan process every day.

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