How the Mortgage Loan Process Works
There's little question ; getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a simple mortgage application and get an excellent loan funded the same day. But U.S.A. Lending, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
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? 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 rubber meets the road and you save the most money. You will give us details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review this information then will provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we're busy finding the loan that's right for your situation.
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Since you don't need to coordinate this process, you can concentrate on moving, paint colors, new carpet, and all the details of moving into a new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of the legwork 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. It's our job to answer lending questions, so we're happy to help!