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

There's a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a one-page application and receive a great loan check cut the same 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: determine how much you can borrow

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 U.S.A. Lending, Inc. can really save you money. You will provide details on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We will review all this info and give you a letter of pre-qualification. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking 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 have made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you will not have to coordinate this process, you get to concentrate on moving, painting, new carpet, and the details involved in moving into a new house.

You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! We do the legwork so you can focus on 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!