The Mortgage Loan Process: an Overview
There can be no question that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if you could get a loan in a single day by filling out 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 U.S.A. Lending, Inc. can begin to save you money. You will supply details about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your date of closing. Because you will not need to worry about these details, you get to think about moving, painting, carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! U.S.A. Lending, Inc. is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
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!