How the Loan Process Works
There's no doubt that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 U.S.A. Lending, Inc. can really save you money. You will give us info about your employment, assets, and 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. 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. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, 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 get much easier; you can apply any time right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent 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 make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date to close. Since you don't need to worry with this coordination, you get to concentrate on moving, paint colors, new carpet, and the details involved in moving into a new house.
You've answered a few questions, given us detailed information, applied , 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. We answer questions about the loan process every day.