How the Mortgage Loan Process Works
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. 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.
Getting a mortgage loan involves four major milestones.
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. 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: complete a pre-qualification
This is where the rubber meets the road and U.S.A. Lending, Inc. can really save you money. You will supply info on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed the provided information, we'll provide you with 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. While you're shopping for a new home with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Because you don't have to worry about these details, you get to concentrate on moving, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! U.S.A. Lending, Inc. is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
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.