How the Mortgage Loan Process Works

Make no mistake, there's quite a lot to do in oder to get a mortgage. You would not be looking up loan information if you could get a mortgage 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.

There are four important steps involved in getting a mortgage 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? 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. 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 info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your REALTOR® will use your 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 agent, we find the best program for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Because you don't need to coordinate this process, you can concentrate on moving, if you're going to repaint, carpet, and the details involved in getting your new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the legwork so you can spend your time 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!